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April 28, 2021 4:22 PM Melissa Luck
Updated:
PC: NAI Black Realty
SPOKANE, Wash. The Ponderay Newsprint Company will be sold to Allrise, which plans to resume operations of the paper facility in the town of Usk.
Ponderay Newsprint shut down last summer when the owners filed for bankruptcy protection. More than 100 people lost their jobs, but a plant manager and small crew has kept the mill ready for a new owner.
Trustees held an auction to determine which path forward made the most sense for the community.
Three entities submitted bids: PPL Acquisition Group, the Kalispel Tribe of Indians and Allrise Capital. Each bidder provided a $350,000 deposit and took part in a live auction April 23rd.
Ponderay Newsprint auction winner likely to be announced Friday By Thomas Clouse, The Spokesman-Review
Published: April 23, 2021, 8:45am
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SPOKANE Three qualified bidders have submitted bids in the auction to purchase the shuttered Ponderay Newsprint mill in Usk, Washington, with the winner expected to be named Friday afternoon.
Up to this point, negotiations failed to find a new owner for the 927-acre property, which consists of 29 buildings and storage facilities and is adjacent to the Pend Oreille Valley Railroad and Pend Oreille River. What was once one of the largest employers in Pend Oreille County was listed for sale in December for $11.5 million.
Hurting long before COVID-19, failing companies took stimulus money then closed anyway Josh Salman, USA TODAY
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Stein Mart Inc. was desperate for shoppers long before COVID-19 forced closures at its discount department stores, scattered mostly throughout the Southeast.
During the past several years, the Florida retailer had hemorrhaged tens of millions of dollars, while searching for a corporate buyer. Like many struggling businesses, the company in June turned to the federal government’s Paycheck Protection Program, or PPP, as a possible savior. The $10-million loan didn’t last long.
Within two months, Stein Mart filed for Chapter 11 bankruptcy protection, citing more than $500 million in liabilities. The company closed all 280 stores and 9,000 workers lost their jobs.
Hurting long before COVID-19, failing companies took stimulus money then closed anyway Josh Salman, USA TODAY
Replay Video UP NEXT
Stein Mart Inc. was desperate for shoppers long before COVID-19 forced closures at its discount department stores, scattered mostly throughout the Southeast.
During the past several years, the Florida retailer had hemorrhaged tens of millions of dollars, while searching for a corporate buyer. Like many struggling businesses, the company in June turned to the federal government’s Paycheck Protection Program, or PPP, as a possible savior. The $10-million loan didn’t last long.
Within two months, Stein Mart filed for Chapter 11 bankruptcy protection, citing more than $500 million in liabilities. The company closed all 280 stores and 9,000 workers lost their jobs.