BURLINGTON, Vt. (WCAX) – The Gardener’s Supply Company could soon have a new owner.
The Vermont-based, employee-owned company filed for Chapter 11 bankruptcy in Delaware on Friday.
Gardener’s Supply has four retail locations in Vermont and New Hampshire, as well as a big shipping and online business.
We asked a bankruptcy lawyer what happens next. He said that after declining sales and money being taken out due to the employee stock option, the company is in search of a buyer.
“Presumably, the purchaser is buying it to expand its operational base. So, it’s not a liquidation sale; it’s what’s called a going-concern sale. So, they are buying an as-is operation,” said Christopher Condon, an adjunct professor at the Vermont Law and Graduate School.
In a statement on Monday to WCAX News, Gardener’s Supply blamed a post-pandemic downturn in business, saying, “Despite cost-cutting measures, the challenges posed by increased competition, rising shipping expenses, tariffs, and escalating marketing costs have proven insurmountable.”
They said business will continue as usual for their customers as they work to finalize a sale. Gardens Alive!, Inc., a catalog business based in Indiana, is expected to purchase the company.
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