Friday, August 14, 2009

More details on Teufel Nursery bankruptcy

From the Oregonian:
Teufel Nursery Inc., one of the area's largest nursery and landscaping operations, is fighting for its life after its long-time lender withdrew financing in May.
Textron Financial Corp. demanded immediate payment of the $5.3 million owed by Teufel, which forced the company to file for Chapter 11 bankruptcy in June.
Textron increased the pressure last week when it sued Teufel seeking repayment of its $5.3 million debt. The Providence, R.I.-based company also sued Donald Hauenstein, Teufel's chief financial officer, accusing him of fabricating financial records of non-existent receivables in order for the company to borrow more money from Textron before the bankruptcy.
...
Teufel's nursery and landscaping businesses have been hit hard by the economic decline and the deep slowdown in residential construction. The company's sales have declined by a third from $45 million at the 2006 peak to a projected $32 million this year. Its payroll has dwindled from 500 to 300.


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