Carolina Nurseries Halts Auction

Stop the auction! That’s what Carolina Nurseries President J Guy did Friday morning after two days of plant inventory sales as part of its liquidation.

Guy interrupted the proceedings during the third day of the auction, announcing the auction was immediately over. He told the stunned bidders, “Go home, go home, go home.” The crowd moved to check out the plant logs sold that morning and all auction sales from the first and second day were honored.

Based in Moncks Corner, S.C., Carolina Nurseries was able to negotiate new arrangements with its lender to have a more controlled inventory liquidation over the next three months instead of selling all the plants immediately via auction. The goal is to ensure stable operations as the nursery satisfies its bank obligation. After taking stock of its inventory, post auction, the nursery’s sales staff and its landscape supply division will resume sales as usual starting next week.

“We appreciate this vote of confidence from our bank,” Guy says. “This gives us some breathing room to continue working with our valued customers in the coming months. It helps us better serve them, helps our revenue and ultimately, affords a solid solution for our loan obligations.”

Last week was an intense one as the terms of the nursery’s financing expired June 21 and then 335 employees learned they would be losing their jobs over the next 90 days, as the nursery liquidates its inventory. “I told (our employees) we struck out on financing,” Guy told The Post and Courier, the local newspaper in Charleston. “The deal we thought we had in hand reconsidered.”

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4 comments on “Carolina Nurseries Halts Auction

  1. Anonymous

    Its a shame when floriculture business’ and the like, cannot recieve the financing they need; an absolute shame, but a telling of the times, a heart piercing non-fiction about the American (U.S.) nation at present! 300+ lives altered, maybe they can find a census job. . . .o, thats right they are done with that. . . .

  2. Anonymous

    I was at Carolina Nurseries while this travesty took place, only to be there as support for J, David, Steve, and their empoloyees.

    The bank ought to be ashamed for staging this rape and robbery of Carolina Nurseries and their inventory. Why not re-negotiate the nursery loan? I suppose it’s OK to take our tax payer money to bail YOU out, but you have no problem throwing 300+ people on the street? Your greed is only surpassed by your stupidity for holding a ‘No Reserve’ auction. The plants could have been marked down 75% off regular prices and brought more than you generated. I guess the Peter Principal is still alive and well in Corporate America. If I was a shareholder in this bank, I would certainly like an answer as to why you didn’t do a better job of protecting my share value, and work something out. I suppose you look forward to repossessing their homes as well in 5 or 6 months.
    Second, the auction company should be ashamed for the way they handled the auction. Why did you sell in such large lots? How many nurseries are there that can handle 500 to 1000 15 gallon pieces at one time? You eliminated 98% of the bidders who were there. The remaining vultures were drooling all over themselves, winking at each other, stealing 15g plants that should have gone for $20-$25/ea, sometimes for less than $1. Shame on the auction company, their greed is surpassed only by their stupidity. They left lots of money on the table that would have increased their commission, as well as helped Carolina satisfy the bank had they sold at ‘Reserve’ prices.
    Most of all, the bidders who attended the auction should be ashamed for even attending and bidding. Many were even Carolina Nurseries partners in Novalis, as well as long time customers. You DID NOTHING to help them, you preyed upon them at their weakest moment for your own greed, which is surpassed only by your lack of compassion. I sincerely hope you get a visit from the INS, and all of your plants develop a case of Sudden Oak Death. A truly sad day for the industry.

  3. Anonymous

    Its a shame when floriculture business’ and the like, cannot recieve the financing they need; an absolute shame, but a telling of the times, a heart piercing non-fiction about the American (U.S.) nation at present! 300+ lives altered, maybe they can find a census job. . . .o, thats right they are done with that. . . .

  4. Anonymous

    I was at Carolina Nurseries while this travesty took place, only to be there as support for J, David, Steve, and their empoloyees.

    The bank ought to be ashamed for staging this rape and robbery of Carolina Nurseries and their inventory. Why not re-negotiate the nursery loan? I suppose it’s OK to take our tax payer money to bail YOU out, but you have no problem throwing 300+ people on the street? Your greed is only surpassed by your stupidity for holding a ‘No Reserve’ auction. The plants could have been marked down 75% off regular prices and brought more than you generated. I guess the Peter Principal is still alive and well in Corporate America. If I was a shareholder in this bank, I would certainly like an answer as to why you didn’t do a better job of protecting my share value, and work something out. I suppose you look forward to repossessing their homes as well in 5 or 6 months.
    Second, the auction company should be ashamed for the way they handled the auction. Why did you sell in such large lots? How many nurseries are there that can handle 500 to 1000 15 gallon pieces at one time? You eliminated 98% of the bidders who were there. The remaining vultures were drooling all over themselves, winking at each other, stealing 15g plants that should have gone for $20-$25/ea, sometimes for less than $1. Shame on the auction company, their greed is surpassed only by their stupidity. They left lots of money on the table that would have increased their commission, as well as helped Carolina satisfy the bank had they sold at ‘Reserve’ prices.
    Most of all, the bidders who attended the auction should be ashamed for even attending and bidding. Many were even Carolina Nurseries partners in Novalis, as well as long time customers. You DID NOTHING to help them, you preyed upon them at their weakest moment for your own greed, which is surpassed only by your lack of compassion. I sincerely hope you get a visit from the INS, and all of your plants develop a case of Sudden Oak Death. A truly sad day for the industry.