“I had a good relationship with them,” Smith said. “They pretty much pulled the carpet out from underneath me.”
About six months ago, Smith closed the last two Dalton Ga. Carpet stores in Fairfield and Beechmont.
Smith said he had two loans with Fifth-Third. Leading up to his time on the roof — which started in on July 27 — he sought to get the renewal. One e-mail from a Fifth-Third representative, Smith said, indicated he’d have no problem. A second e-mail in December 2008 said the bank would not renew the loan.
Fifth-Third officials say they won’t comment on business with customers.
Smith, 46, had been in the industry for nearly three decades and enjoyed it.
“It was the hardest thing I’ve been through in my life,” Smith said of leaving the industry he’s worked in since age 16. “This company was like my family.”
Smith said he had offers from other banks, and realizes in hindsight he should have considered them.
The carpet store’s Fairfield location averaged about $2.5 million a year, Smith said. But his two-week protest on the roof at 7371 Dixie Highway likely hurt the public’s perception of his company, making it seem less secure.
In 2009, Smith closed four of his six locations, which were in Dayton, West Chester Twp. and Mount Healthy in Ohio and Florence, Ky. Debt from those stores had to be absorbed by the others.
The roof protest garnered national media attention and Smith said more people now recognize him as “the guy on the roof” than the guy selling carpet on TV.
Now, Smith said, Fifth-Third is attempting to liquidate his business assets. He said the beginning of the end started when he couldn’t get merchandise from suppliers.
“I personally was putting in so much money the last year and a half into that company, some really big six-digit numbers,” he said. “I was paying for this whole company myself out of my pocket.”
Smith employed about 30 people and 30 contractors.
Sometime between April 12 and May 10, someone stole a reported $7,100 worth of carpet, tile, vinyl flooring, padding and tools from his Fairfield store. Smith suspects it was an former employee with a key and that the total likely exceeds $10,000.
Smith, a 16-year Fairfield resident, plans to enter the real estate field.
“I have to start a whole new life,” he said.
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