Shaw’s Sherwood Building Supplies Ltd. has filed for bankruptcy.
The company also went by the name Sherwood BMR, but is now under new ownership as Sherwood Timber Mart.
Shaw says filing for bankruptcy was “the best way to save employee jobs’’ and facilitate a sale.
He says the bankruptcy will not impact his Island Storm – a National Basketball League of Canada team.
“The Storm is a separate issue,’’ he says.
“We don’t have any intention to do anything drastic to the Storm at the moment…I have a lot of time and energy invested in that.’’
Shaw did concede, however, that his basketball team does rely on some of his other operations.
He also owns Prebilt Structures Limited and has some real estate holdings.
Two companies, meanwhile, have filed claims against Shaw.
Royal Group, Inc. claims liquidated damages of nearly $27,000.
Atlantic Warehousing Ltd., which carries on business under the name AWL Forest Products, is seeking just over $29,000 from Shaw.
