Latham International files for Chapter 11 Bankruptcy

Latham International, one of the worlds leading manufacturers of swimming pool panels, and one that we’ve used for years have decided to file for bankruptcy protection in United States.

Latham International, controlled by Pool Corp (SCP) says that it has seen a decline in sales of 75% from 2005 and simply could not continue to survive in this troubled economic time.

With current debts of around $148,000,000 this will no doubt have an impact on Pool Corp who control the company alongside Brockway Moran & Partners Inc.

“Commencing in 2007 and continuing today, the housing bust and deteriorating economic climate resulted in declining industry sales,” Latham International president and Chief Executive Officer Mark Laven said in a declaration filed with the bankruptcy court. “The continued downward spiral of consumer sentiment due to the state of the economy has contributed to the declining sales experienced industrywide.”

According to the filing, Latham were due to run out of cash in February.