Wickes Companies
Wickes Companies was a United States diversified manufacturing, retail, and industrial conglomerate that operated from 1947 until its dissolution in 2007.
Last updated August 25, 2026
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Overview
Wickes Companies was a United States diversified conglomerate whose businesses ranged from industrial machinery and graphite to lumber retailing, home improvement, furniture, consumer credit, modular housing, commercial construction, and automotive components. Its origins lay in the Wickes brothers' nineteenth-century industrial activities in Michigan. Henry Dunn Wickes and Edward Noyes Wickes moved from New York to Flint in 1854 and became involved in the regional lumber economy. With H. W. Wood, they established Genesee Iron Works, a foundry and machine shop that later moved to Saginaw to be closer to supplies of pig iron. After buying out Wood, the brothers operated the business as Wickes Bros. Iron Works, producing gang saws and rebuilding sawmill equipment. They also established a separate boiler-manufacturing operation and, after identifying a significant graphite deposit during a visit to Mexico, founded the United States Graphite Company. These businesses were combined in 1947 to create Wickes Corp. The company expanded beyond industrial manufacturing during the 1950s and 1960s. It entered retail lumber in 1952 through the Bay City Cash Way Company, a Michigan outlet designed to sell lumber to smaller independent building-material businesses. The chain grew and was renamed Wickes Lumber Co. in 1962. Wickes also pursued acquisitions in unrelated sectors, including bean storage, retail furniture, consumer finance, modular housing, and commercial construction. It acquired Michigan Bean Company in 1955 in an all-stock transaction and sold its boiler business in 1959. In 1978, it bought Builders Emporium, adding a substantial home-improvement retail operation. A major turning point came in 1980, when shareholders approved Wickes' acquisition of Gamble-Skogmo, a Minneapolis-based retail conglomerate, for more than $200 million. The combined business adopted the name The Wickes Companies and reported aggregate annual sales above $4 billion, but the transaction also left the corporation with substantial debt. Wickes closed Gamble-Skogmo's Tempo discount-store subsidiary in 1981 and entered Chapter 11 bankruptcy reorganization in April 1982 with approximately $1.6 billion in debt. Sanford C. Sigoloff became chief executive and led a restructuring that involved selling or closing many general-retailing and other divisions. Wickes emerged from bankruptcy in 1985. After restructuring, the company again expanded through large acquisitions. In 1985 it purchased Gulf and Western Industries' Consumer and Industrial Products Group, a portfolio that included businesses such as Kayser-Roth, Simmons, Unicord, Bohn Aluminum and Brass, and other industrial and consumer-product operations. In 1986 it acquired Orchard Supply Hardware and Home Centers West from W. R. Grace. Wickes also purchased Collins & Aikman in 1987 for approximately $1.16 billion, bringing a major automotive-interiors and component business into the group. The conglomerate's corporate identity subsequently changed. In 1989, Wickes was merged into WCI Holdings, which was controlled by the private-equity firms The Blackstone Group and Wasserstein Perella & Co. WCI later changed its name to Collins & Aikman and moved its headquarters from California to Charlotte, North Carolina. The former parent conglomerate therefore ceased to operate under the Wickes Companies identity, while parts of its former businesses continued under separate ownership. Wickes Lumber was spun out as an independent public company in 1988; it changed its corporate name to Wickes Inc. in 1997, entered Chapter 11 in 2004, and liquidated its remaining lumberyards. Collins & Aikman itself filed for bankruptcy in 2005 amid liquidity problems and questions concerning its accounting practices. Its operations were sold or shut down, and the company was dissolved in October 2007.
History
Wickes Companies developed from a group of Michigan industrial businesses established by Henry Dunn Wickes and Edward Noyes Wickes. The brothers arrived in Flint from New York in 1854 and entered the lumber-related economy of the region. Together with H. W. Wood, they founded Genesee Iron Works, a foundry and machine shop. Following the brothers' purchase of Wood's interest, the enterprise became Wickes Bros. Iron Works and moved to Saginaw, where access to pig iron supported its manufacturing activities. The company produced gang saws and repaired and resold sawmill machinery. A separate boiler business was also created. The Wickes brothers later founded the United States Graphite Company after discovering a graphite deposit in Mexico. These three operations were consolidated in 1947 as Wickes Corp. The company began building a retail platform in the postwar period. In 1952, it opened a Bay City, Michigan, lumber outlet called the Bay City Cash Way Company. The business served smaller independent lumber companies and expanded into additional locations before adopting the Wickes Lumber Co. name in 1962. Wickes sold its boiler business in 1959 but continued diversifying, acquiring Michigan Bean Company in December 1955 and entering retail furniture, consumer credit, modular housing, and commercial construction. Its 1978 purchase of Builders Emporium extended the group into home-improvement retail. The 1980 Gamble-Skogmo transaction transformed the scale and risk profile of the business. Shareholders approved the acquisition on August 12, 1980, and the enlarged corporation became known as The Wickes Companies. Sales rose to more than $4 billion annually, but the transaction added significant debt. In May 1981, Wickes closed Tempo, a Gamble-Skogmo discount-variety subsidiary with 29 stores in the western United States. The company then sought protection under Chapter 11 in April 1982, with roughly $1.6 billion of debt. Sanford C. Sigoloff was appointed chief executive and directed a restructuring centered on divestitures and closures. Wickes emerged in 1985 after disposing of many general-retail and other divisions. The post-bankruptcy company returned to acquisition-led expansion. It bought Gulf and Western Industries' Consumer and Industrial Products Group in 1985 for approximately $1 billion. The acquired portfolio included A.P.S., Bohn Aluminum and Brass Corporation, H. Koch & Sons, Kayser-Roth, Simmons, Unicord, and W. R. Grace-related operations. In May 1986, Wickes acquired Orchard Supply Hardware and Home Centers West from W. R. Grace. In 1987, it purchased Collins & Aikman for approximately $1.16 billion, adding a major automotive-component business. The group was gradually separated and renamed. Wickes Lumber was spun out in April 1988 and later changed its corporate name to Wickes Inc. in 1997. The remaining Wickes organization was merged into WCI Holdings in 1989, under the control of The Blackstone Group and Wasserstein Perella & Co. WCI adopted the Collins & Aikman name in 1992 and moved its headquarters from California to Charlotte, North Carolina. This change marked the end of Wickes Companies as the operating identity of the broader conglomerate. The former lumber subsidiary later experienced its own financial collapse. Wickes Inc. reported a net loss exceeding $45 million for the six months preceding June 2003 and filed for Chapter 11 in January 2004. An agreement reached in September 2004 provided for the sale of its remaining 59 lumberyards to different buyers, effectively liquidating the business. Collins & Aikman filed for bankruptcy in 2005 in the context of liquidity difficulties and concerns about accounting practices. Its operations were sold or closed, and the company was dissolved in October 2007. Wickes Companies is therefore best understood as a defunct American conglomerate whose legacy survives through the separately operated businesses created, acquired, spun off, or sold during its existence.
- 2007
Collins & Aikman dissolved
[1]Following bankruptcy-related sales and closures, Collins & Aikman was dissolved in October 2007.
- 2004
Wickes Inc. liquidates lumberyards
[1]After filing for Chapter 11, Wickes Inc. reached an agreement to sell its remaining 59 lumberyards to various buyers.
- 1992
WCI adopts Collins & Aikman name
[1]WCI changed its name to Collins & Aikman and relocated its headquarters to Charlotte, North Carolina.
- 1989
Merged into WCI Holdings
[1]Wickes was merged into WCI Holdings, controlled by The Blackstone Group and Wasserstein Perella & Co.
- 1988
Wickes Lumber spun out
[1]Wickes completed the separation of Wickes Lumber as a new public company.
- 1987
Collins & Aikman acquired
[1]Wickes purchased Collins & Aikman for approximately $1.16 billion.
- 1985
Wickes emerges from bankruptcy
[1]The company completed its bankruptcy reorganization after extensive divestitures and closures.
- 1982
Chapter 11 reorganization begins
[1]Wickes entered Chapter 11 with approximately $1.6 billion in debt.
- 1980
Gamble-Skogmo acquisition approved
[1]Shareholders approved Wickes' acquisition of Gamble-Skogmo, creating the larger Wickes Companies organization.
- 1978
Builders Emporium acquired
[1]Wickes bought the Builders Emporium home-improvement store chain.
Products and positioning
Wickes Companies positioned itself as a broad-based industrial and retail conglomerate rather than as a single-category consumer brand. Its strategy combined internally developed manufacturing and lumber operations with acquisitions in home improvement, general retail, consumer products, finance, housing, construction, and automotive components. The breadth of the portfolio created scale but also exposed the company to high leverage, operational complexity, and the risks of managing businesses with very different markets and economics.
Lumber and building-material retail · 1952
Wickes Lumber
Wickes Lumber was the group's principal building-material retail operation. It originated with the Bay City Cash Way Company in 1952 and expanded by serving smaller independent lumber businesses and other customers. The business was separated from Wickes in 1988, later renamed Wickes Inc., and ultimately liquidated after a 2004 Chapter 11 filing.
Home-improvement retail
Builders Emporium
Builders Emporium was a home-improvement retail chain acquired by Wickes in 1978. Its addition broadened Wickes' consumer-facing building-material and home-center activities beyond the company's lumber operations.
Hardware and home-improvement retail · 1986
Orchard Supply Hardware and Home Centers West
These retail operations were acquired from W. R. Grace in 1986 as part of Wickes' effort to expand its home-improvement presence after emerging from bankruptcy.
Automotive components · 1987
Collins & Aikman
Collins & Aikman was an acquired automotive-components business that became central to Wickes' later corporate identity. Wickes bought it in 1987, and the parent organization eventually adopted the Collins & Aikman name after its merger into WCI Holdings. Collins & Aikman later entered bankruptcy and was dissolved in 2007.
Brand decisions
1989
Merge into WCI HoldingsStrategyBackground
Wickes' post-bankruptcy conglomerate structure was reorganized under a holding company controlled by private-equity firms.
Action taken
Wickes was merged into WCI Holdings, controlled by The Blackstone Group and Wasserstein Perella & Co.
Aftermath
WCI adopted the Collins & Aikman name in 1992, ending Wickes Companies as the operating identity of the broader group.
1988
Spin out Wickes LumberStrategyBackground
The lumber-retail operation had developed into a distinct business within the broader conglomerate.
Action taken
Wickes completed the separation of Wickes Lumber as a new public company.
Aftermath
The lumber business operated independently, later changed its corporate name to Wickes Inc., and ultimately entered bankruptcy and liquidation.
1987
Acquire Collins & AikmanM&ABackground
Wickes continued to build a diversified industrial portfolio after its earlier restructuring.
Action taken
The company bought Collins & Aikman for approximately $1.16 billion.
Aftermath
Collins & Aikman became the basis for the successor organization's later corporate name and identity.
Acquisition value. Approximately $1.16 billion (1987)
1985
Acquire Gulf and Western consumer and industrial businessesM&ABackground
After emerging from bankruptcy, Wickes pursued renewed diversification through the purchase of a large business portfolio from Gulf and Western Industries.
Action taken
Wickes acquired Gulf and Western's Consumer and Industrial Products Group for approximately $1 billion.
Aftermath
The transaction added industrial, apparel, consumer, and other operating companies to Wickes' post-bankruptcy portfolio.
Acquisition value. Approximately $1 billion (1985)
1982
Enter Chapter 11 restructuringStrategyBackground
The Gamble-Skogmo expansion left Wickes highly leveraged, with approximately $1.6 billion in debt.
Action taken
Wickes began Chapter 11 bankruptcy reorganization and appointed Sanford C. Sigoloff to lead the restructuring.
Aftermath
Many general-retail and other divisions were sold or closed, and the company emerged from bankruptcy in 1985.
Debt subject to reorganization. Approximately $1.6 billion (1982)
1980
Acquire Gamble-SkogmoM&ABackground
Wickes sought to expand its retail and conglomerate operations through the purchase of Gamble-Skogmo, a Minneapolis-based retail group.
Action taken
Shareholders approved the acquisition on August 12, 1980, for more than $200 million, and the enlarged corporation adopted The Wickes Companies name.
Aftermath
The transaction increased reported aggregate annual sales to more than $4 billion but also left Wickes with substantial debt, contributing to its subsequent financial crisis.
Acquisition value. More than $200 million (1980)
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