My question involves independent contractors in the state of: Michigan

I installed wood flooring for a carpet retailer that had locations in Michigan and Ohio during the years 2002 - 2008. During that time a retainer was withheld in the amount of $2,500 to be used for repairs or problems that might arise from an installation. In July of 2008 the Michigan stores were closed but the company is still operating in Ohio under the same name. It has been one year since I worked for them and the money should have been refunded since there were no outstanding repairs or problems with my work.

My question is: can a company legally withhold a retainer just because they claim the stores were not profitable and their liabilities were in excess of their assets?