Top 100 Grower Files For Bankruptcy
Nurserymen’s Exchange, a greenhouse operation that’s tied for 24th on Greenhouse Grower’s Top 100 Growers list with 2.5 million square feet of environmentally controlled greenhouse space, filed for Chapter 11 bankruptcy earlier this week.
According to The Mercury News, Nurserymen’s will sell its operations to an investor in the next 60 days. It is also selling 28 acres of excess, developable land for $8 million.
Based on financial statements filed, Nurserymen’s has borrowed more than $15 million from Wells Fargo to pay off debts. It also owes $9.4 million to a variety of creditors.
Learn more at MercuryNews.com.