Firewall Forward Shuts Down
A well-known Colorado engine and general repair shop closed down earlier this month, maybe for good. Employees of Firewall Forward, in Loveland, Co., returned from lunch to find the doors locked. A total of 38 employees are out of work. Company CEO Andrew Chumney said the company had no other choice when its bank called about $1 million in loans. Chumney told The Coloradoan that Firewall Foreward was current with its payments but the bank pulled the financing based on the company's inability to turn a profit. He estimates the company will need an immediate cash injection of $2.5 million to get going again. The twin demons of undercapitalization and insufficient cash flow kept the company struggling, Chumney said. He said there have been three prospective buyers but none have gone through with a deal. The company had annual revenues of about $6 million. Chumney said all employees would receive the pay owed to them. There was no immediate word on the fate of work in progress.