Going for Broke

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.