Vermillion business files for bankruptcy A Vermillion business apparently has filed for bankruptcy, has been purchased by a Yankton company and, according to news reports, has laid off some employees and failed to pay others.
Performance Engineering and Manufacturing has been purchased by Shur-Co of Yankton.
A new company named Shur-Co Metals will be located in the former PEM location in Vermillion and managed by Doug Dykstra.
Shur-Co is the largest manufacturer of automatic, semi-automatic and fitted commercial tarping systems in North America. Its most recognizable products are the Shur-Lok Roll-Up tarp for grain trailers, farm trucks and grain carts, and the Truxedo and TruckHyde soft pickup truck tonneau covers.
According to the Associated Press, PEM laid off some employees, and others were told that they would not be getting all of the pay that was coming to them.
Some paychecks, it has been reported, came back marked insufficient funds.
The Associated Press report stated that PEM filed for bankruptcy and a federal judge ordered $25,000 to be paid to employees.
"The difficulty comes in trying to collect the judgement if the company doesn't have the resources to pay it," said Miles Schumacher, a lawyer who specializes in business law.
"We will engage in custom metal fabrication and assembly for customers that demand quality and professional service," stated William Shorma, president of Shur-Co, in a press release delivered to The Plain Talk Thursday morning. "We look forward to expanding and developing relationships with our new employees and customers across the Midwest."