Carolina Nurseries halts sell-off auction

In yet another chapter in the dramatic story of Carolina Nurseries’ (CNI) financial battles, J. Guy, president, interrupted the proceedings during the morning of the third day of the auction, announcing that the auction was immediately over.

The cancellation came on the heels of meetings with CNI’s key lender June 24th and 25th. The stunned bidders were told, “Go home, go home, go home,” by Guy. The crowd moved to check out the plant lots sold that morning and began leaving the nursery premises. All auction sales from the first and second day will be honored as well.

In new arrangements with its lender, CNI will have more input and control in what is being termed "a more controlled inventory liquidation" of the nursery over the course of the next three months. The net result will ensure a more stable operation as the nursery continues its efforts to satisfy its bank obligation.

“We appreciate this vote of confidence from our bank”, said Guy. “This gives us some breathing room to continue working with our valued customers in the coming months. It helps us better serve them, helps our revenue, and, ultimately, affords a solid solution for our loan obligations. It’s a win, lose, draw!”

After taking stock of its inventory, post-auction, CNI’s sales staff and its landscape supply, Carolina Landscape Supply, was expected to resume sales as usual in early July.

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