FT. WORTH, Texas — Crescent Machinery Co. filed a voluntary petition for Chapter 11 bankruptcy protection in Fort Worth, Texas. The company, which has 15 branch locations in Texas, Oklahoma, California, Nevada, and Hawaii, will continue to operate as usual, providing rental and sales of equipment, representing manufacturers such as JCB, Terex, Ingersoll-Rand, Compaction America, Link-Belt and Gradall.
According to the company, factors leading it to seek bankruptcy protection include excessive inventories, high debt, severe price competition, a slowdown in many construction markets, the reduction in the number of new projects, and negative effects following the terrorist attacks of September 11.
Crescent CEO Eric Anderson said the company intends to divest its California, Nevada and Hawaii branches, and concentrate on its core markets in Texas and Oklahoma.
