I just heard of this today, did anyone hear of this yet? There is a Frank's about a mile from us that we run to when we need a blooming plant. I will miss them.
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[font=Geneva, Arial, Helvetica, sans-serif]Frank's Nursery & Crafts Files Chapter 11[/font]
[font=Geneva, Arial, Helvetica, sans-serif]SEPTEMBER 09, 2004[/font] -- [font=Arial, Helvetica, sans-serif]
TROY, MI -- Frank's Nursery & Crafts announced yesterday that it filed for Chapter 11 bankruptcy protection in the Bankruptcy Court for the Southern District of New York. The company intends to conduct an orderly liquidation of its assets for the benefit of all of its creditors, according to a Business Wire report.
Since the company's predecessor emerged from a prior Chapter 11 bankruptcy proceeding in May 2002, the company has worked diligently in an attempt to return its operations to profitability. However, due to a general weakness in economic conditions, a steady decline in customer traffic and unfavorable weather patterns causing a decline in all markets, the company has sustained significant losses from operations.
Despite its efforts to maintain a core group of its retail locations as a going concern, the company ultimately concluded that it did not have sufficient financing to continue operating such locations.
The company has entered into a $27.5 million debtor-in-possession financing facility with Kimco Capital Corporation which will provide it with liquidity sufficient to dispose of its assets in an efficient manner. Upon approval of the Bankruptcy Court, the company will begin conducting going-out-of-business sales at each of its 169 retail locations and will sell its real property and leasehold interests.
Frank's Nursery & Crafts, headquartered in Troy, MI, operates the largest chain (as measured by sales) in the United States of specialty retail stores devoted to the sale of lawn and garden products.
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</TD></TR></TBODY></TABLE>[font=Geneva, Arial, Helvetica, sans-serif]Frank's Nursery & Crafts Files Chapter 11[/font]
[font=Geneva, Arial, Helvetica, sans-serif]SEPTEMBER 09, 2004[/font] -- [font=Arial, Helvetica, sans-serif]
TROY, MI -- Frank's Nursery & Crafts announced yesterday that it filed for Chapter 11 bankruptcy protection in the Bankruptcy Court for the Southern District of New York. The company intends to conduct an orderly liquidation of its assets for the benefit of all of its creditors, according to a Business Wire report.
Since the company's predecessor emerged from a prior Chapter 11 bankruptcy proceeding in May 2002, the company has worked diligently in an attempt to return its operations to profitability. However, due to a general weakness in economic conditions, a steady decline in customer traffic and unfavorable weather patterns causing a decline in all markets, the company has sustained significant losses from operations.
Despite its efforts to maintain a core group of its retail locations as a going concern, the company ultimately concluded that it did not have sufficient financing to continue operating such locations.
The company has entered into a $27.5 million debtor-in-possession financing facility with Kimco Capital Corporation which will provide it with liquidity sufficient to dispose of its assets in an efficient manner. Upon approval of the Bankruptcy Court, the company will begin conducting going-out-of-business sales at each of its 169 retail locations and will sell its real property and leasehold interests.
Frank's Nursery & Crafts, headquartered in Troy, MI, operates the largest chain (as measured by sales) in the United States of specialty retail stores devoted to the sale of lawn and garden products.
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