Major Pool Firm Shuts It's Doors

One of the nation’s largest pool builders abruptly ceased operations last month, spurring intensive press coverage and an investigation by the state licensing board.  Manteca, Calif.-based Aqua Pool & Spa Inc. closed its doors with 50 to 60 pools yet to be completed.  Many in the industry speculate that it’s the largest pool building firm in history to go under.

Business has been particularly rough in the Sacramento area, which suffers some of the highest foreclosure rates in the country. In Aqua’s case, the final blow came when a $3 million loan held by the company was called in by the bank, said CEO Richard Townsend.

Read the fully story here http://www.poolspanews.com/2010/091/091n_close_door.html.