Big O.C. plant company files for bankruptcy
August 20th, 2008, 8:51 pm · 8 Comments · posted by Hang Nguyen, retail reporter
Irvine-based Hines Horticulture on Wednesday filed for bankruptcy protection.
The company filed Chapter 11 bankruptcy to facilitate a sale of all or most of its assets.
Hines Horticulture said in a statement that it operates one of the largest commercial nursery operations in North America, producing and distributing one of the broadest assortments of ornamental shrubs, color plants and container-grown plants in the industry.
Founded in 1920, it also operates 7 nurseries in four states, including one in Irvine (pictured above).
It sells its products to more than 1,180 retail and commercial customers, representing more than 6,670 outlets throughout the U.S., including Home Depot, Lowe’s and Walmart.
The company said in a court document that it has “significantly greater than expected declines in revenue” for several reasons:
- inclement weather
- decline in economy and U.S. housing market, which has resulted in significantly less landscaping
- pricing pressure from some of its largest customers
Hines Horticulture has also been affected by significant price increases for raw materials and transporation expenses related to high fuel prices.
(Photo from Hines Horticulture Web site.)
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For more from OC Retail, see list of links on right-hand side of this blog.
August 20th, 2008 at 9:40 pm
That’s a real shame. Hines was a real good business.
I applied for a position there, I guess I’m glad I didn’t get an interview.
August 20th, 2008 at 11:28 pm
It saddens me when any company has to file for bankrupcy…
August 20th, 2008 at 11:37 pm
WHOA Now that’s heavy.
†
August 21st, 2008 at 12:17 am
What a shame. I loved driving up Irvine Blvd. and seeing all those healthy plants waiting to go to their new homes.
August 21st, 2008 at 11:18 am
Too bad, they’ve been there forever.
While I’m sure their business has declined and expenses increased, that property is worth a fortune, even in today’s market.
They consistently produced some of the better nursery stock.
Again, sad to see.
August 21st, 2008 at 11:24 am
Now they can build homes on this land.
August 21st, 2008 at 1:19 pm
My husband words for Hines. You are right, they produce amazingly beautiful HIGH QUALITY plants. Best nursery around.
With people not being about to afford mortgage payments, they certainly aren’t running out to Home Depot to landscape there yards.
August 27th, 2008 at 1:10 am
“Pricing pressure from some of its largest customers” has appeared on several of our favorite consumer products lists of reasons for bankruptcy. Consider that the next time you go into your “Super Center” type store and browse through your lower price items. When a huge corporation intices a company into a huge contract for a high volume of its products and than once hooked when the contract is up for renewal tell the manufacturer in effect, “we do not care what your expenses are, this is what we will pay for your product” this ultimately will be the more extreme outcome. Another is a poorer quality product. Oh, yes and that land is much more valuable as a housing development, we’ll just buy or plants from China or Mexico! Good grief, wake up America, we are just getting what we deserve..