Chicago-based multilocation scrap metal firm Pure Metal Recycling appears headed for liquidation, as a potential investor has reportedly dropped its bid for the company.
Pure Metal Recycling filed a document with the State of Indiana on Dec. 7, 2015, stating its intention to “cease all production activity and terminate the operations” at its seven facilities.
The company, formerly known as Acme Refining, has three locations in Chicago, three more in Blue Island, Elgin and Joliet, Illinois, and one in South Bend, Indiana.
The notice from Pure Metal Recycling CEO Chris Dandrow sent to the Indiana Department of Workforce Development cites the company’s “inability to timely secure additional funding from any lending source” as a reason for the closings, which Dandrow also referred to as a “permanent [and] complete closing of all facilities.”
A report in American Metal Market (AMM) indicated a potential investor had expressed an interest in buying the facilities and having Burnham, Illinois-based Scrap Metal Services step in to service Pure Metal Recycling’s accounts. However, that was followed by another AMM report saying the formerly interested investor had withdrawn its bid.
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