Matterhorn Reorganizes, Will Stay Open
When a land deal with a nearby town collapsed in early September, the nursery owners decided to file for bankruptcy to reorganize the business.
September 21, 2010
The owners of Matterhorn Nursery in Spring Valley, N.Y., filed for Chapter 11 Bankruptcy Sept. 10 in Southern District of New York U.S. Bankruptcy Court. The 38-acre garden center, landscape and grower operation will remain open and work through the reorganization, says Ronnie Horn, who co-owns the business with her husband, Matt Horn.
The Horns filed for the reorganization after a nearby town, Ramapo, pulled out of purchasing 15 acres of unused land from the nursery owners in early September.
Ronnie Horn said Monday the collapse of the deal was a shock to them, because it had been in the works for more than two years. They had a letter of intent on the deal as late as July of this year.
The Horns had been proactive about planning a renovation project to become a more sustainable business, which included green roofs, solar panels, a bio-mass boiler and other environmentally friendly construction projects. The money from the land sale would have continued to finance the renovations.
"We are who we are, and that hasn't changed," says Ronnie Horn. "We're here to stay, we're just asking people to give us time as we rebuild and reconstruct the business.
"This just hit us like a bus."
The 15 acres slated to be sold to the neighboring town of Ramapo was part of Matterhorn's wholesale business, and isn't being used anymore.
At the same time the land deal collapsed, the town also saw voters shoot down public financing for a $16.5 million minor league ballpark through a referendum. The city is now looking for private financing for the stadium as it continues to be constructed. The vote occurred in August and the Matterhorn land deal fell apart in early September.
Matterhorn Nursery has been in business since 1981.