H. N. Hinckley & Sons, a well-known lumber, hardware and plumbing supply business in Vineyard Haven founded more than a century ago, has fallen on hard times and could be sold at auction early next month if the owner is unable to resolve his financial problems.

A foreclosure sale is scheduled for noon on Feb. 7 at the property on Beach Road in Vineyard Haven. But Wayne Guyther 3rd, the current owner and great-grandson of the founder, said Thursday that he is working diligently to avoid an auction.

“We’re trying to work things out . . . it’s a very complicated situation,” Mr. Guyther said, speaking to the Gazette by phone Thursday morning. He said the hardware store remains open for business and he hoped to see the lumber yard back in operation shortly. “The lumber yard is still not to full capacity, but we’re working on that. We’re trying to work everything out,” Mr. Guyther said.

Among other things, Mr. Guyther, who is president and treasurer of the corporation, said he is owed more than $1 million by customers. “We’re still in the process of trying to collect,” he said.

Business sits on largest commercial property in Vineyard Haven. — Mark Alan Lovewell

According to a description by the auction company Paul Saperstein of Holbrook, the property includes four buildings, a two-story, 11,401-square-foot office, retail and warehouse building, a 4,000-square-foot lumber storage building, a 3,500-square-foot hardware store, and a 2,700-square-foot plumbing supply building. The 1.6-acre property is believed to be one of the largest commercial sites in town and overlooks the Vineyard Haven harbor. The assessed value is $2.5 million, according to Tisbury assessor records. The land alone is assessed at $1.58 million.

The last sale date was in 1924, the same year that H.N. Hinckley & Sons was incorporated as a business, according to state land records.

The mortgage holder on the property is the Martha’s Vineyard Savings Bank.

An attorney for the bank said the foreclosure process is proceeding on schedule.

“At this point, the auction is proceeding,” said Thomas Vangel, who works for the Boston firm Murtha Cullina LLP.

Last sale was in 1924. — Mark Alan Lovewell

Business founder Herbert N. Hinckley was once one of the Island’s most prominent citizens, according to newspaper clips in Gazette archives. He came to the Vineyard as a young man intent on building homes, and later, with his sons, established a lumber supply business which grew to become the largest on Martha’s Vineyard.

A story about the family patriarch in 1926 described Mr. Hinckley’s first voyage to the Island as a 24-year-old carpenter. Four years later, he began his own contracting business from humble beginnings.

“His capital consisted of $18 and the finest set of tools he could purchase,” the story reported. “At that time he owed $100 and his wife was ill. Not a cheerful outlook for a man looking for his first contract.”

Mr. Hinckley also enjoyed an active political career. He served as a state representative, a Tisbury selectman, a school board member, and was the Dukes County treasurer at the time of his death in 1939.

On Thursday morning the home center showroom was open, but outside bays once filled with lumber were almost empty. A large “Open” flag flew outside the front door of the Ace hardware store. Inside, Liz Cosgrove, granddaughter of Herbert N. Hinckley, was behind the counter, answering phones and helping customers.

Ms. Cosgrove also said the foreclosure sale of the business may not happen as scheduled.

“That’s probably not going to go through,” she said.