About 150 people in Shawano are out of work, after Owens, Inc., a flooring and door company, closed both of its plants Thursday.

Timothy Nixon, the company's legal adviser, tells NewsChannel 7 the company found out Wednesday lenders would no longer advance funds Owens, Inc. needed to operate. Company leaders met with employees to inform them of the closure Thursday afternoon.

Nixon says the two plants will be sold at auction in February. He says they're hopeful a buyer will be able to reopen the facilities, but immediate closure was necessary because the company was no longer able to pay its employees. Nixon says it's possible the company will be able to negotiate keeping enough employees to operate the plants until the February auction. The company is seeking approval from the Shawano County Circuit Court to be placed into receivership until the auction.

Shawano City Administrator Jim Stadler says the plants' closures affect just about everyone in the community. "Just about everybody you talk to has a family member or someone they know that works or worked at Owens." He says they're hopeful another company will purchase the plants and bring jobs back to Shawano. He says there is an array of incentives for a company that would purchase the plants, and that the City of Shawano will be working with Shawano County to actively pursue potential buyers.

Stadler says the economic downturn in the wood product industry has led to the loss of around 600 jobs in Shawano in recent years.

According to the company's website, Owens, Inc. has had a presence in Shawano since 1992, when Owens Forest Products of Duluth, MN, acquired Heritage Hardwoods of Shawano.