Palm Beach County’s longest continually running business is facing foreclosure on its property, and unless proceeds from the building auction can keep it afloat, the business will close its doors for good.
The Palm Beach Post reported Lainhart & Potter, a building materials company founded in West Palm Beach in 1893, has struggled for several years because of diminishing demand stemming from the housing bust. In August it filed for Chapter 11 bankruptcy protection one month after First American Bank filed for foreclosure on its 715 25th Street property in West Palm Beach, which includes two more adjacent lots, and its 100 North Old Dixie Highway facility in Jupiter. The properties are heading to auction April 5.
Lainhart will use the proceeds from the sale to pay off its debts and lease space elsewhere provided they can afford it. “It depends on the auction whether we are going out of business,” said Jere Leffler, the company’s president. [Palm Beach Post]