Cherry Growers Inc. Files For Bankruptcy
Cherry Growers Incorporated voluntarily filed for Chapter 11 Bankruptcy Thursday.
They say the crop failure back in 2012 put their company under serious financial stress.
They were contracted to purchase apples that didn’t exist, and in 2013 had to leave the apple business.
Cherry Growers says Chapter 11 Bankruptcy will protect them from creditors while they re-align their assets. However the bankruptcy shouldn’t change anything for staff and farmers.
President and general manager Eric MacLeod says, “If anything it should give our employees and members even more assurance because we’re now in a position where we are not under the immediate threat of potential action by creditors that could suspend our operation.”
Cherry Growers says they believe they’ll only be bankrupt for around six months and plan to start their apple season next Tuesday.