Lawn equipment direct marketer Garden Way Inc. filed for Chapter 11 bankruptcy protection late last month along with its GWI Holding Inc. parent company.
In court documents, filed in the U.S. Bankruptcy Court in Wilmington, DE, the company listed assets of $10 million to $50 million and debts of more than $100 million, according to news reports.
The company claimed to have more than 1,000 creditors. Briggs & Stratton Corp. was listed as the company’s largest unsecured creditor at $3.3 million.
The company, based in Troy, NY, plans to sell nearly all of its assets, including Troy-Bilt and Bolens products, to MTD Consumer Group Inc. for nearly $44.1 million in cash, the report said. The sale would exclude land, buildings, and Chipper/Shredder and Vac product lines.
Garden Way closed it operations in Troy and is expected to lay off 550 employees, the report said.
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