Pennsylvania-based Innovative Building Systems has announced it is going out of business and closing all of its manufacturing operations, including a facility in Decatur. In a notice to the state, the company said 88 employees will be out of work as a result of the closure.
The company is also closing facilities in Pennsylvania, Iowa, Maine, and Virginia. A spokesperson for the company said it had been in negotiations with creditors, lenders and potential buyers, but was unable to obtain financing to continue operations or negotiate the sale of the company.
The company said the closures will be permanent. Employee separations are expected to be completed by May 13.