TROY, N.Y. - Garden Way, manufacturer of Troy-Bilt and Bolens lawn equipment, announced July 30, 2001 that it will close operations in Troy, N.Y. and lay off 550 employees starting in 60 days.
The company said it filed for Chapter 11 bankruptcy protection, along with parent GWI Holding Inc., and plans to sell assets to MTD Consumer Group, Cleveland, Ohio, subject to bankruptcy court approval.
In a statement, the company said it had been trying since 1995 to return to financial health, with significant improvements through early 2000, but blamed a shift in consumer buying habits to mass retail outlets, plus a slowing economy, for the closing.
Under the reorganization plan, MTD will produce and sell most Troy-Bilt and Bolens products, and assume responsibility for service and warranty parts. The sale would exclude land, buildings, and Chipper/Shredder and Vac product lines.
In 1997, New York state awarded the company about $1.5 million in grants and a $500,000 loan. In response, Garden Way kept its Troy factory open and closed one in Wisconsin.
"I think it stinks. I really do. We worked hard for the last three or four years to get it back to being solvent," one employee said. "And now they're telling us we have no place to come to work in 60 days."
Garden Way, in Troy for more than 60 years, made outdoor equipment including rototillers and lawnmowers. Although predominantly for the homeowner market, Garden Way’s products are sometimes used by professional contractors.
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