Park Seed Company Bankruptcy

[loboloco]

Thought this might interest the gardeners here. Don't know what affect this will have on their product line. Sad thing, though.

http://www.goupstate.com/article/20100823/articles/100829905


COLUMBIA — A New York City capital firm emerged Monday as the favorite to take over the venerable Park Seed Co. in South Carolina, whose seed catalog has been a small source of warmth during long winters across the country for more than 140 years.

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The bankruptcy trustee running the company since April tapped Verdero Capital as his preferred bid. The firm offered $8.8 million to pay the debts of Park Seed and just as importantly offered to keep the company in Greenwood and its employees working for at least three years or face $1.5 million in penalties.
But Verdero's bid isn't a done deal. During the lunch break, two other companies looking to buy Park Seed discussed whether to make counter offers. Federal judge John E. Waites said he wants to pick the winning bid before the end of Monday.

 

[Melensdad]

Wow I would have never expected this. They have been around for a long time and the popularity of gardening is actually growing in the US.

 

[loboloco]

Wow I would have never expected this. They have been around for a long time and the popularity of gardening is actually growing in the US.

I think they made two major mistakes. First, they priced themselves out of any but the highest end retail market. Second, the generation that was in charge of Park Seed didn't understand or care how the business worked.

 

[muleman]

I would hope they continue operating and maintain their heirloom seeds. Too much of today's big box stores sell inferior or genetically modified seed and good long lineage seeds are becoming harder to find all the time. Even Agway seeds are not what they were 10 years ago.