Wick Building Systems Inc. is announcing financial reorganization, after filing for Chapter 11.

That's according to a press release issued by the company.

“After a catastrophic decline in the housing market, we recently made the hard decision to close our housing divisions. Losses in the housing industry made our balance sheet unsustainable,” said company CEO Jeff Wick. “We have determined that the Chapter 11 process provides the most orderly means to liquidate some of the Company’s assets, restructure its obligations, bring in additional investor capital, and facilitate the ongoing operations of Wick Buildings, either through a sale to a new ownership group or reorganization of the company.”

Motions will be made in court this week to continue daily operations during the reorganization.

The company fully expects normal operations to continue at Wick Buildings in Mazomanie during the time, however there will be a wind-down of operations in its housing divisions in Mazomanie and Marshfield.