Entropex, a Sarnia plastic recycling company that employed 155, has gone into receivership.
The closing occurred abruptly on Thursday, although since then the receiver appointed to take over management and control of the firm, which was launched in 1978, remains hopeful the operation will be bought.
Entropex facilities are on Lougar Street.
Keith Bechard, the firm’s president, said on Thursday that it had been a challenging environment. “We’ve done as much as we could possibly do,” he said.
MNP Ltd. is the court-appointed receiver, which has said it will seek a buyer.
A London, Ont.-based representative of MNP, Rob Smith, said he hoped “we can find somebody who’s interested in buying it and resurrecting the company.”
In the meantime, MNP is dealing with accounting issues and packaging and shipping some final product.
The company operated a 180,000-square-foot plastic recovery facility and warehouse complex.
A process to market the firm to prospective buyers is expected to take four to six weeks. Any offers to purchase the assets would require court approval.