Charlotte general contractor Cox Schepp Inc. has filed for Chapter 11 bankruptcy protection in the wake of a "perfect storm" of subcontractor failures, client foreclosures and unpaid jobs, The Moment Group reported in its February industry newsletter.
The group cited a Charlotte Observer report that Cox Schepp, which has been one of the Charlotte area's biggest contractors, said in its court filing that it owed $9.2 million and had assets of $7.8 million.
According to the newspaper, vice chairman James Schepp Jr. said, "It's a reboot. It's a true reorganization in every sense of the term. We're getting back to basics and what made us a successful organization and we hope in the future we can work through this and emerge on the other side a stronger, more focused company."
