Griffin to dispose of Imperial nursery inventory

Griffin Land & Nurseries, a major Connecticut landlord, said it has signed a letter of intent with a private company to dispose of a subsidiary’s landscape nursery growing operations.

Under the terms of the agreement, Griffin would sell Imperial Nurseries’ inventory, with payments to be received over a series of years. The letter also calls for a long-term lease with a purchase option.

Griffin said it expects virtually all of Imperial’s operations and sales personnel to remain employed with the buyer.

The transaction is expected to close this fall.

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