California plant seller files for bankruptcy
Bankrutpcy News » Bankruptcy By Eric SandersonMay 25th, 2011
A wholesale potted plant company in San Mateo County, California, recently filed for Chapter 11 protection.Nurserymen's Exchange plans to sell to new owners over the course of the next two months, as well as rid itself of 28 acres of land for approximately $8 million, according to a report. The company is the largest supplier of indoor plants in the county.The company was hurt by the recession, and in order to pay off debts it borrowed close to $15 million from Wells Fargo Bank, according to the San Mateo County Times. Nurserymen's owes more than $9 million to multiple creditors and contractors.The plant seller made a variety of cuts, and saved $10 million in the process, the news source reported. Despite this, last year it was forced to lay off approximately half of its workforce.The company made more than $62 million last year and has already reported close to $51 million in earnings this year, according to the news source. RL Communities, a firm from San Ramon, had conversations with Nurserymen's owners to purchase the large amount of undeveloped land, but a buyout will not occur until at least July.
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