The Brief
- Renovo, parent company for Minnesota Rusco, has filed for bankruptcy for all its subsidiaries.
- Minnesota Rusco customers now face financial losses.
- A contractor recovery fund may offer some compensation, but it’s limited.
MINNEAPOLIS (FOX 9) – Minnesota Rusco customers are grappling with unexpected financial losses after the company abruptly went out of business.
Minnesota Rusco’s sudden closure
What we know:
Steve Hall and Danny Della Lanna, who had hired Minnesota Rusco for window installations, were caught off guard when the company closed just seven days after they paid half of the $30,000 price tag. Hall said they chose Minnesota Rusco because of its long-standing reputation, “We chose them because they’ve been in business for 70 years, since 1955. I always see them at the home shows, so they seem reputable.”
The parent company, Renovo, has filed for bankruptcy for all 19 companies it owns nationwide. Minnesota Rusco’s filings reveal assets between $1 million to $10 million, but debts ranging from $100 million to $500 million.…