Waterloo Anticipates Coming Out Of Bankruptcy Late 2012, Early 2013
With the Devon store now closed, Waterloo’s Chief Financial Officer Jerry Monagle and President Bobby LeBoutillier remain hopeful.
July 31, 2012
According to a story in Mainline Media News, despite Waterloo Gardens’ financial troubles the past few years, Chief Financial Officer Jerry Monagle and President Bobby LeBoutillier remain confident that things are looking up for the garden center retailer.
Today’s Garden Center previously reported that Waterloo Gardens filed for bankruptcy protection. As a condition of that protection, the retailer was required to shut down its Devon, Pa., store on July 15, 2012 instead of late 2012 or Spring 2013 as planned.
The purchase of two locations in in Wilmington, Del., and in Warminster, Pa. in 2007 supposedly began the financial troubles. The Warminster store closed in 2008, and the location in Wilmingtonclosed in December 2011.
Monagle confirms to Mainline Media News that although the Warminster store was purchased at the height of the economic boom, having to close operations a year later and carry the mortgage, as well as weathering the recession made Waterloo’s problems “so much worse.”
Now, the Exton, Pa. store at 200 N. Whitford Road is Waterloo Gardens’ only location, and Monagle expects Waterloo to emerge from bankruptcy in late 2012 or early 2013.
LeBoutillier also notes that the Exton store is larger and has a better layout than the Devon facility, indicating that positive things are happening at the store.
“I’m seeing a lot of Devon customers come out to Exton,” he says.