Colorado-Fayette Medical Center in Weimar, Texas, officially closed its doors after it filed for bankruptcy last month, according to a Schulenburg Sticker report.
The hospital filed for Chapter 11 bankruptcy protection in July after it lost $5.8 million over the past decade. At that time, CFMC CEO Steve Gularte said the hospital and its affiliated clinics would stay open as it paid back creditors through the bankruptcy process, but an emergency meeting from the board of directors last week forced the change. Roughly 90 hospital and clinic employees have lost their jobs.
"The hospital just ran out of money," CFMC Board President Tommy said in the report. "We had more expenses than money coming in and had to close the doors. Years of bad investments and business decisions, in my book, led us to this point."
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