Norcross, Ga.-based Pike Nursery Holding filed for Chaper 11 protection in federal court today, citing the region's severe drought as the reason for financial troubles.
"Our core Atlanta area market is currently suffering from the worst drought in over 100 years," said Scott Schnell, chairman and CEO of Pike Familie Nurseries, according to bizjournals.com. "This extended drought and resulting water use restrictions have had a material detrimental effect on our business. After careful consideration we concluded that a Chapter 11 restructuring represents the best long-term solution for Pike."
The company has obtained $11.75 million in financing to help its operations during bankruptcy.
Pike Nursery employs more than 700 employees and operates more than 20 locations (including retail garden centers, wholesale division and landscape design operations) in Georgia, North Carolina and Alabama, according to the company's Web site.
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