LIVE VIDEO: 9NEWS Morning News    Watch

Grant Family Farms closes, files for bankruptcy

2:28 PM, Jan 7, 2013   |    comments
  • Share
  • Print
  • - A A A +

Grant Family Farms owner Andy Grant said that having fallen on hard times, he was forced to file for Chapter 7 bankruptcy. The business is an organic Community Supported Agriculture, or CSA, farm.

Grant, who is trying to figure out the next steps, declined to go into details about what led to the filing, instead referring to a news release, but did indicate that there will be more "interesting parts to this story."

One thing Grant did make clear was that this was not the end for him.

"We are farmers; we will figure out a way," he said. "We have farmed here in Colorado for 61 years; we will figure out a way."

When the farm closed last month, it laid off more than 50 employees, Grant said.

Meg Bucklin, Grant's CSA membership coordinator, confirmed Saturday afternoon that the farm shut down all operations under the Chapter 7 filing, which requires the company to liquidate to settle its debts.

Bucklin said the farm's CSA had around 4,500 members, the largest CSA in the country. She added that the business is hopeful that the CSA will resume sometime this year.

The farm has been struggling financially for several years due to ineligibility for crop insurance and crop damage caused by hail storms and drought, according to the news release, which also stated that a spinach recall compounded the farm's financial situation, leading to the bankruptcy filing.

"At this time, Grant Family Farms is hesitant to offer any specifics with regard to tomorrow. It can say that beyond Chapter 7, nothing is set in stone - and it is important to the Farm that it doesn't churn the cogs in the rumor mill," the release stated.

The bankruptcy, filed Dec. 28, lists the farm's estimated assets between $500,001 and $1 million, with estimated liabilities of $1 million to $10 million. The farm's creditors are listed in the 200 to 999 range.

Grant Farms is under court order to submit its statement of financial affairs on Jan. 11, which could provide more insight into where the farm sits financially. There is a creditors meeting set for Jan. 22, according to court records.

Read the full report on The Fort Collins Coloradoan.

(Copyright © 2013 Fort Collins Coloradoan, All Rights Reserved)

Most Watched Videos