The Atrium of Racine, which owns and operates two senior living facilities in Racine, announced Thursday it has filed for receivership, an alternative to bankruptcy under Wisconsin state law.
The organization operates The Atrium, a 76-unit senior housing facility, and Bay Pointe, a 40-unit assisted living facility, both of which are located on North Main Street in Racine.
Attorney Michael Polsky, Atrium’s nominated receiver, said he intends to “continue business operations, manage Atrium’s assets, liabilities, finances and employees for the benefit of all creditors under the supervision of the court and consistent with Wisconsin state law,” according to a news release.
Polsky said he doesn’t anticipate any changes in day-to-day operations, services or the care provided to residents.
The organization cited shifting market forces, including health care costs, lower government reimbursements and increased competition, as factors that led to the receivership filing.
Polsky said Atrium was unable to fully recover from the collapse of its former operator, Lincoln Lutheran of Racine Wisconsin, in 2015. Lincoln Lutheran of Racine Wisconsin is no longer in business.
Watertown-based Marquardt Management Services, Inc. will assist Polsky during the receivership process.
“Operations will continue with care remaining seamless for residents and their families until the receiver is able to facilitate and supervise a sale process for Atrium as a going concern,” the news release said.
