Wickes board authorizes hiring of restructuring adviser

New York, Jan. 9 - Wickes Inc. said its board of directors has authorized management to hire a restructuring firm to advise on "developing and implementing any available strategies to secure the long term viability of its operations."

The Vernon Hills, Ill., distributor of building materials also said there had been changes to its board: Claudia Slacik and Jon Hanson resigned, and president and chief executive officer James O'Grady was named to the board.

Wickes is currently tendering for its 11 5/8% senior subordinated notes that matured on Dec. 15.

But after several extensions it has still not reached the necessary threshold.

At the end of December it called on noteholders to respond quickly to the offer.

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