Quality Farm & Family/Central Tractor Bankruptcy..

   / Quality Farm & Family/Central Tractor Bankruptcy.. #11  
I live in Nebr. and all stores are closing or already closed. Most will be completely close before years end. Went to one store today and many items were 90% off, however, there isn't much useful stuff left. Bought hydraulic valves at another store 70% off. Many stores were located in small farming communities. One manager said, all stores west of the Mississippi are closing.
 
   / Quality Farm & Family/Central Tractor Bankruptcy..
  • Thread Starter
#12  
In your area, were they originally Quality Farm or Central Tractor...? Who else do you have to take their place?

In our area, it was originally Central Tractor and it had everything you could ask for... always busy, fully stocked, both inside and outside with all the implements... and you had a choice!

The local dealer always was higher in price, but since the downhill slide of the stores from the Quality Farm merger, and the bare shelves...well... the local dealers have gone even higher in price yet...

If the lower cost implements such as KingKutter disappear... I'm sure the local dealer will follow suit and take advantage of the situation.../w3tcompact/icons/frown.gif

Good wholesome competition seems to keep everything in check somehow... /w3tcompact/icons/crazy.gif

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   / Quality Farm & Family/Central Tractor Bankruptcy.. #13  
Originally, many were Wheeler's, then Quality Farm and Country, then Country General. This past summer I started to notice depleted inventories and delayed restocking. I guess that was my first indication things weren't going well. There still remain a TSC stores but not as many. TSC's seem to have about the same products and similar prices. CG's downfall should keep TSC strong.
 
   / Quality Farm & Family/Central Tractor Bankruptcy.. #14  
<blockquote><font size=1>In reply to:</font><hr>

I only wished they had stayed Central Tractor...

<hr></blockquote>

John Miller III, I agree 100% We have one in Winchester and one in Culpeper Va. The one in Winchester I use to frequent quite a bit, and the way they keep it you wondered how they stayed in buisness. We now have a tractor supply(TSC) in Warrenton and I havent been back to Farm and Fleet since.

Man its sad that they had to file. I hate to see any business close especially this time of year. I know a little better management at ours would make the difference between staying open or closing. And me going back there and shopping. I wonder how you find out if your store is going to close?
________________________________________
Take care, Jim

2001 B7500 HST 302 Fel R4 Tires.
Semper Fidelis
 
   / Quality Farm & Family/Central Tractor Bankruptcy.. #15  
Re: Quality Farm & Family/Central Tractor Bankrupt

Devildog - don't waste your time going to the store in Culpeper, VA, my brother-in-law said yesterday that they closed it, did it all within a 2 week time span, no warning to the customers or advertising. My daughters told me that the also closed the one in Christianburg, VA, had a blow out sale, sold everything including the fixtures. Have you checked if the one in Winchester is still there? Wonder if Tractor Supply moving in on them had any effect.
 
   / Quality Farm & Family/Central Tractor Bankruptcy.. #16  
Tough times for tractor implement companies I guess...I read somewhere else (I'll try to find the reference) where Woods (www.woodsonline.com) was on the verge as well. Apparently they default on some bond payments and unless they can somehow renegotiate there payments they will be forced into bankruptcy as well....
 
   / Quality Farm & Family/Central Tractor Bankruptcy.. #17  
Here's the information from their web site.

WOODS EQUIPMENT COMPANY REPORTS AGREEMENT ON DEBT RESTRUCTURING


Rockford, Ill. (November 15, 2001) - Woods Equipment Company ("Woods") and its subsidiary, WEC Company ("WEC" together with Woods, the "Company"), announced that a lock-up agreement has been reached with the holders of WEC's 12% Senior Notes due 2009 (the "Notes") and Woods' 15% Senior Discount Debentures due 2011 (the "Debentures") to restructure the Company's debt. Under the agreement, the Note holders and Debenture holders have agreed to exchange all of their Notes and Debentures for all of the common stock of Woods. Additionally, the Company will enter into an amended revolving credit facility with Fleet Capital Corporation as agent, increasing the current facility from $50 million to $70 million. This new facility along with a senior secured note of approximately $3.5 million evidencing certain acquisition indebtedness will be the only senior secured indebtedness of the Company. The restructuring is subject to the negotiation of definitive transaction documentation and is expected to be completed by December 31, 2001. Stockholders holding a majority of the capital stock of Woods have also agreed to vote in favor of the restructuring.

Upon completion of the restructuring, the Company will have eliminated $176.7 million of long-term debt and related interest from its balance sheet and with the increased revolver believes it will have adequate liquidity to meet its future growth needs. Additionally, a new five-member board of directors will be elected by shareholders of the restructured Company and will include designees of significant financial institutions and industry leaders. Edward R. Olson, the Company's current President, CEO and Chairman of the Board, will remain as President, CEO and a member of the new board. "During the past ten months, we have reviewed all of the Company's operations and have made many difficult decisions in order to improve the Company's financial position," said Edward R. Olson. "With this agreement, we believe we will have the structure in place to ensure the Company's long-term viability. The entire management team wishes to thank all of our customers and suppliers who have worked with us during this difficult period," said Olson.



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   / Quality Farm & Family/Central Tractor Bankruptcy..
  • Thread Starter
#19  
Absolutely terrible... /w3tcompact/icons/frown.gif

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   / Quality Farm & Family/Central Tractor Bankruptcy.. #20  
John if you or anyone else hears any news that the Amsterdam store maybe closing too let us know. Last year had to travel out there to get the baler twine the wife's stepdad needed after finding out the Pittsfield store didn't have any.

DFB

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