Digger magazine

Serving the Northwest Nursery Industry for Over 50 Years

  • Digger-Employment_banner-2020-728x90px.jpg
  • NG_banner-2020-728x90px.jpg
  • FW_banner-2022-728x90px.jpg
  • Home
  • Articles
    • Nursery News
    • Features
    • Plants
    • Growing Knowledge
    • Operations
    • Nursery Country
    • Meta
  • Issues
  • Events
  • Farwest
  • Columns
    • Director’s Desk
    • Mike Darcy
    • Pivot Points
    • President’s Message
  • Employment Classifieds
  • Advertise
  • Subscribe
You are here: Home / Hines declares second bankruptcy since 2008

Hines declares second bankruptcy since 2008

By Curt Kipp — Posted October 12, 2010

A 90-year-old giant of the nursery business is headed for a second round in bankruptcy court. Hines Nurseries LLC announced today that it has filed for Chapter 11 bankruptcy protection, according to Bloomberg News and a company press release. The press release blamed a weak market for the filing:

“The Company noted that it has worked diligently to resolve its liquidity and financing issues that were brought on by greater than expected declines in revenue. This decline in revenue stems primarily from weaker consumer demand for nursery products due to the overall sustained general weak economic conditions and significant increases in production and distribution costs within the industry.”

Hines said it had $179.3 million in assets and $86.7 million in debts in the most recent quarter. The company has 4,000 acres in nursery production, including facilities in Oregon, Texas, Arizona and California. Hines said it has secured $5 million in “debtor in possession” financing so it can complete a reorganization. The company said it will continue to operate during the reorganization, and that its customers can order with confidence.

Today’s bankruptcy filing was not unexpected. Hines had notified regulators in Oregon and Texas last week that unless it could extend its line of credit, the company would be forced to declare bankruptcy and lay off workers in both states, according to reports in The Oregonian (Portland, Ore.) and elsewhere.

Earlier this year, the company announced that it would cease production activities at its headquarters in Irvine, Calif., resulting in the elimination of production jobs, but that it would continue to be headquartered there.

Hines Nurseries LLC is the successor to Hines Horticulture, which went through Chapter 11 bankruptcy in 2008. Company officials at the time said they were unable to pay off some $500 million in debt. The company emerged from the 2008 bankruptcy after several of its assets were purchased by Black Diamond Capital Management LLC, described in press reports as “a hedge fund and private equity firm based in Illinois.” Company officials said as recently as February that the new company had less debt and was better positioned to compete.

The company has gone through several ownership phases in its 90-year history. According to the Orange County Business Journal (Irvine, Calif.), the company was founded in 1920, purchased in 1976 by Weyerhaeuser Co., and later sold to a private equity firm. The company went public in 1998 with a stock offering that generated $56 million. Hines subsequently purchased several other nurseries around the country.

Share this:

  • Print
  • Facebook
  • LinkedIn
  • Twitter
  • More
  • Reddit
  • Tumblr
  • Pinterest
  • Pocket

Filed Under: Uncategorized Tagged With: Economy, Recession, Wholesale Nurseries

About Curt Kipp

Curt Kipp is the director of publications and communications at the Oregon Association of Nurseries, and the editor of Digger magazine.

The Value of Membership

Meet the Leader: Rod Park

President’s Awards Banquet recognizes vital contributions

Meet the Leader: Mark Bigej

More member stories

NURSERY NEWS

Six decades of support

Bailey hires trade communications specialist

Pursell Agri-Tech hires director of turf and ornamentals

Fall Creek hires general counsel

Oregon State hires dean of agriculture sciences

More Nursery News

From the pages of Digger

June 2022 — The Sustainability Issue

May 2022 — The Technology Issue

April 2022 — The Tree Issue

March 2022 — The Greenhouse Issue

February 2022 — Retail Outlook issue

More issues of Digger

CORONAVIRUS COVERAGE

Virtual is the new reality – for now

Trade shows in the time of COVID

A demand ‘renaissance’ for nurseries

Western Nursery & Landscape Association falls victim to pandemic

MANTS 2021 to move online due to COVID-19

More articles

Nursery Guide LIVE

Nursery Guide LIVE clicks into place

Booth spaces still available for Nursery Guide LIVE March 17–18

Nursery Guide LIVE virtual marketplace postponed due to winter storm damage

Keynote presentations at Nursery Guide LIVE virtual marketplace provide insight on green industry trends in 2021 and beyond

More Posts from this Category

FARWEST SHOW UPDATES

Tailored to today’s customers

Little Prince repeats as Best in Show booth winner

Two stand out at New Varieties Showcase

Retailers’ Choice Awards embrace discoveries at Farwest

Farwest marks a gathering of new, returning faces

More Updates from Farwest

Connect with us online

  • Email
  • Facebook
  • Instagram
  • Twitter
​

Updates to exisiting subscriptions can be sent to info@oan.org

News

  • Nursery News
  • Growing Knowledge
  • Nursery Operations
  • Meta

Features

  • Plant Features
  • OAN Members
  • Oregon Nursery Country

Columns

  • Director’s Desk
  • Mike Darcy
  • Pivot Points
  • President’s Message

Resources

  • OAN Home Page
  • Job Listings
  • Subscribe to Digger
  • Advertise in Digger
  • Online Plant Search

© Copyright 2020 Oregon Association of Nurseries · Admin