A home remodeling company in the United States has declared bankruptcy.
Despite a recent slowdown in sales, the company has been in operation for almost forty years.
According to The Street, on June 20, Gardener’s Supply Company, a business situated in Burlington, Vermont, and claiming to be entirely employee-owned, filed in the U.S. Bankruptcy Court for the District of Delaware.
The statement states that Gardeners Supply Company has assets of between slightly more than $1 million and $10 million, according to WCAX. Liabilities ranging from about $10,000 to $50 million were also reported.
Before experiencing its present downturn, Seven Days explains that the corporation experienced a brief period of success during the COVID-19 pandemic. The bankruptcy case was allegedly caused by the present retail environment, a problematic software rollout, and stock option obligations to staff.
The business has stated that a possible sale to a rival is still pending and that it plans to carry on with business as usual. Add seven days.
Matthew Cropp, executive director of the Vermont Employee Ownership Center, told Seven Days that Gardener’s has been a leader in the field of employee-owned businesses, training other businesses. It is a sad moment to lose them.
Additional details about this filing are still pending.
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