Following a bankruptcy hearing, Park Seed Company will remain in business. A federal judge will allow the Greenwood company to remain in business under new ownership. The preferred bid came from Blackstreet, a Maryland-based company that bought Park Seed for $12,782,560. A spokesman for Blackstreet, Laurence Berger said the company will rescue Park Seed, not dismantle it.
Park Seed is a floral business that sells plants, seeds and grower supplies. It was founded in 1868 and employs more than 300 workers.
As part of the agreement, Blackstreet was required to remain in operation in Greenwood County and retain at least 150 consistent, non-seasonal employees for at least three years. If for some reason Blackstreet is unable to comply with those terms, the company must pay $500,000 to the bankruptcy estate set up to repay creditors, $500,000 to the state of South Carolina and $500,000 to Greenwood County.