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LARGE LCO files Chapter 11!!!

Discussion in 'Lawn Mowing' started by KS_Grasscutter, Oct 29, 2007.

  1. KS_Grasscutter

    KS_Grasscutter LawnSite Gold Member
    Messages: 3,335

    Heard today that the largest LCO in Wichita (possibly in KS) filed bankruptcy in the last week or so. http://www.bizjournals.com/wichita/stories/2007/10/22/story4.html?b=1193025600%5E1537490Their site: www.landscapeitnow.com. Kind of a sad deal, but have heard they did some bigtime lowballing. Seems like when ever I am in Wichita on a weekday, I see at least one or two of their rigs. I assume they will be having an auction to sell everything, hopefully I can get some good deals on some equipment!
  2. jbannick18

    jbannick18 LawnSite Senior Member
    Messages: 490

    Wow they were crazy big! Sounds like a huge headache ><
  3. tjsquickcuts

    tjsquickcuts LawnSite Senior Member
    from Atlanta
    Messages: 943

    To bad they arent in Fla....Fla has the easiest Bankruptcy laws. I think a lot of LCO here in Atl are going to go under as well with all of our water drying up.
  4. bcg

    bcg LawnSite Bronze Member
    from Tx
    Messages: 1,865

    Ch 11 doesn't mean liquidation of assets, it means re-organization of debts, usually with substantial debt relief. Look for this company to emerge with a new owner essentially debt free. Odds are that at the end of this they'll be financially stronger and better able to compete. I doubt you'll see anything for sale at auction.
  5. TXNSLighting

    TXNSLighting LawnSite Fanatic
    from DFW, TX
    Messages: 6,463

    guess they wont be hiring anymore...
  6. steve5966

    steve5966 LawnSite Member
    Messages: 210

    He says he is shutting it down because of health reasons, not a failing business. I would have to question why he can't pay his bills. 100 trucks, 170 employees. That doesn't sound like a problem, does it?
  7. newbie35

    newbie35 LawnSite Member
    Messages: 67

    Yeah my girlfriends brother in law use to be in charge of their playground division but left b/c they weren't paying suppliers and the cc was being denied at hotels and such. I imagine there will be a lot of business for anyone wanting it there. I think they did about 8million. I would consider moving b/c Wichita is a nice place but I have too much invested in Colorado to move. They say they will sell to a national company but I am not sure there is really a market for a brickman it's too far from KC and such. Plus it they did lowball no one will want it. He built it up real fast. Something like million dollars in sales the 4th year after dropping out of KU after a semester. I guess we will see what happens. The girlfriend is watching for the equipment sale...
  8. mojob

    mojob LawnSite Senior Member
    Messages: 515

    It just goes to show you, it's not what you bring in...it's what you keep in your pocket. Responsible growth is the moral of this story.
  9. Denham Lawnboy

    Denham Lawnboy LawnSite Member
    Messages: 60

    If they do a auction of the equipment can someone please post it here or atleast PM me with the details. I am looking for a new mower and trailer.
  10. LindblomRJ

    LindblomRJ LawnSite Silver Member
    Messages: 2,570

    Chapter 11 is a reorganization of debts. Chapter 7 is liquidation of assets.

    Sounds like this company filed under chapter 11.

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