CAMDEN, NJ — Wachovia Corp.’s Wachovia Bank Assn. filed suit against the defunct Hoboken Wood Flooring LLC and three related companies. According to www.northjersey.com, the suit was filed on November 19, 2007, three days after a judge in the U.S. District Court in Delaware threw out the company’s Chapter 7 bankruptcy case, in part due to a lack of funds necessary to administer the bankruptcy.

Once the largest wood flooring distributor in the United States, Hoboken laid off its final employees on Oct.29, 2007, and filed for Chapter 7 protection shortly thereafter.

The company’s failure stunned experts, who noted Hoboken claimed revenues of $580 million in 2006. Company executives blamed a recent expansion that left the company vulnerable to the sudden downturn in the U.S. housing market.  Read more.

Have something to say? Share your thoughts with us in the comments below.