Waterloo Gardens Files For Chapter 11
Bankruptcy court orders the multi-generation garden retailer to close one of its two remaining stores.
July 2, 2012
Waterloo Gardens, which has been in business in the Philadelphia area since 1942, has filed for bankruptcy protection. During the court hearing, the judge ordered the retailer to close its original location in Devon, Pa., on July 15. The company will still operate its Exton, Pa., location.
Waterloo had previously announced it would be closing the Devon store at the end of 2012 or perhaps after spring 2013. It plans to sell the property.
Waterloo's financial problems are believed to stem for opening two new locations in 2007, in Wilmington, Del., and in Warminster, Pa. Waterloo purchased a former grocery store in Warminster and invested in transforming the bullding into a quality garden center. It announced less than a year later in September 2008 it was closing the new store after the 2008 holiday season.
During that same time frame, the economy took a steep nosedive and a series of poor spring seasons due to weather began, a pattern that lasted until this year.
The Wilmington location, which primarily sold garden furniture and other outdoor living accessories, closed in December 2011.