Going for Broke
HOUSTON — Officials at Wallace Co. forgot one thing after winning the coveted Malcolm Baldrige National Quality Award in 1990: How to run a profitable business.
The family-owned pipe and valve distribution company filed for Chapter 11 bankruptcy protection this week.
While basking in the award, Wallace was losing $300,000 a month, according to Gail Cooper, a consultant brought in to turn the company around.
Instead of shoring up, officials spent time leading tours through the firm and on the lecture circuit, Cooper said.
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