Minnesota Rusco files for bankruptcy after closing

Minnesota Rusco has filed for bankruptcy, after the longtime home remodeling company abruptly closed its doors last week.

In a filing in U.S. Bankruptcy Court in Delaware this week, the company said it has between $100 million and $500 million in debts and fewer than $10 million in assets.

The filing indicates Minnesota Rusco has hundreds of creditors.

The Chapter 7 bankruptcy filing seeks to liquidate the company’s assets. Court documents indicate the company does not believe there will be money left for unsecured creditors.

Minnesota Rusco dates back to 1955 but was acquired three years ago by Texas-based Renovo Home Partners, which also owned other home improvement companies across the country.

Minnesota Rusco and those other businesses suddenly shuttered their operations last week. The Minnesota Rusco website was taken down and replaced with a brief message:

With heavy hearts we regrettably inform you, Minnesota Rusco, a Renovo Home Partners company, has ceased all operations.

We would like to wish our staff and their families the best as they navigate these difficult times and thank all of Minnesota for their 70 years of support and trust.

The message made no reference to customers — some who made down payments on home projects that were never completed, or in some cases even started. Several of those customers have now taken legal action against Minnesota Rusco.