In its statement, the company said the move was necessitated in order to "address financial and operational challenges that have hampered its performance."
"This is an extremely difficult time for the company and everyone involved with our organization, but this necessary and responsible decision will provide us with the time and opportunity to strengthen our performance and achieve a sustained turnaround at W.S. Lee & Sons, Inc.," Robert E. Lee said in the statement.
The UniPro-member distributorship will remain open for business, Lee added.
W.S. Lee & Sons is the 43rd distributorship according to the 2006 ID Top 50 Report, with sales last year of $112.3 million, up from $94.8 million in 2004.