‘Legal steps’ taken

Sherwood BMR owner says company trying to solve ‘issue’ within business

The owner of Sherwood BMR says “legal steps” have been taken to deal with an issue at the building materials and renovations company.

“We have an issue in one of the businesses. We’re looking at our options to try and solve it,” Duncan Shaw said Wednesday. “We have taken some legal steps to give us time to do that.”

Shaw wouldn’t say what those steps were, but said the company has not filed for bankruptcy.

He also wouldn’t specify what the issue was but said they were trying to straighten things “out in the best way for everybody involved.”

The company, located in Charlottetown on Mount Edward Road, employees 29 people. There has been no job loss or reduction in hours at this point.

Shaw said staff members were notified about the situation on Friday.

Shaw started Cogsdale Corporation, a software solutions developer, in 1997 with four employees and grew it to 147 before he sold it in 2010.

Shaw also owns the Island Storm, but he said there was no impact on the National Basketball League of Canada team.

“They run completely separately and distinctly.”

The Storm defeated the Saint John Riptide on Tuesday in Game 5 of its best-of-five quarter-final to advance to the second round of the playoffs.