Saturday, February 28, 2015

Waterloo Gardens closing last store

In Exton

Waterloo Gardens closing last store

Waterloo Gardens, the LeBoutillier family business whose Devon store was an Upper Main Line fixture before an ill-timed late 2000s expansion to Bucks County and Delaware helped drive it to bankruptcy (read my colleague Maria Panaritis' 2012 column here), is offering deep discounts as it prepares to close its last store, in Exton, the company says in this farewell post on its Web site.

The shutdown follows the failure of Waterloo Gardens' creditors, led by lender Mid-Atlantic Farm Credit, which is owed $15.8 million, "to formulate a confirmable Chapter 11 plan of reorganization or liquidation," or to re-negotiate a lease for the Exton site, according to a court filing last week by debtors' lawyer Albert A. Ciardi 3d, who was not immediately available for comment. A reorganization plan might have allowed the store to stay in business. 

The debtors hired Massachusetts-based Gordon Brothers Retail Partners LLC to manage the sale, adding the sale needed to start "as soon as possible" to move plants during the growing season. 

See also Panaritis' coverage of bankruptcy fallout here, and Main Line Media News story on the Exton closing here.



Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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