The San Jose Mercury News is reporting that indoor potted plant producer Nurserymen's Exchange in Half Moon Bay, Calif., has filed for Chapter 11 bankruptcy. The family-owned company is currently restructuring and plans to sell its operations to an investor in the next 60 days.The San Jose Mercury News is reporting that indoor potted plant producer Nurserymen's Exchange has filed for Chapter 11 bankruptcy.
According to CEO Jack Pearlstein, the family-owned company is currently "restructuring" and plans to sell its operations to an investor in the next 60 days. Nurserymen's Exchange will also sell 28 acres of excess, developable land for $8 million.
“The past few years have been extremely challenging for everyone in the nursery industry as declines in disposable income translated into reduced consumer purchasing,” Pearlstein states. “As a result, we began a significant operational restructuring two years ago to adjust our production and operations to better meet customer demand in the new economy and to position the company for sale to a strategic or financial buyer."
“With operations now functioning well, we must turn to restructuring the financial side of our business," Pearlstein adds.