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Tuesday, May 24, 2022

Nursery Operator Hines Laying Off in Oregon; Second Bankruptcy Stint?

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Irvine-based Hines Horticulture Inc., a seller of plants and shrubs through home improvement stores, is laying off about 100 people in Oregon and said it could seek a second round in bankruptcy court.

The company, which filed for bankruptcy protection in 2008, plans to lay off 96 workers in Forest Grove west of Portland as early as Monday, according to The Oregonian newspaper.

Hines said it was unable to extend a line of credit, necessitating the layoffs at the Oregon nursury. The company also again could seek bankruptcy protection, according to the report.

Two years ago, Hines was bought out of bankruptcy by Black Diamond Capital Management LLC, a hedge fund and private equity firm based in Illinois.

The company sells shrubs, flowers and container-grown plants to stores such as Wal-Mart, Home Depot and Lowe’s. It also produces peat moss for greenhouses, nursery growers and golf course developers.

Founded in 1920, Hines was acquired by Weyerhaeuser Co. in 1976 and then sold to a private investment group.

The company’s 1998 public offering generated $56 million. Hines then went on a buying spree, purchasing nursery operations across the country.

In August, Hines said it would stop growing plants and flowers in Irvine.

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