http://www.chron.com/cs/CDA/ssistory.mpl/business/2406526 LEANDER - Southwest Recreational Industries, which makes AstroTurf and has installed artificial surfaces everywhere from the Louisiana Superdome to Yankee Stadium, has filed for bankruptcy protection and is going out of business. The bankruptcy leaves projects in limbo at athletic facilities across the country, including new turf that was scheduled for the Hubert H. Humphrey Metrodome in Minneapolis, where the Twins, Vikings and University of Minnesota Golden Gophers play. Leander-based SRI cut more than 300 jobs before the filing, holding on to 190 employees companywide to help it shut down in the next two weeks, the Austin American-Statesman reported today. In its bankruptcy filing, the company said it will sell off two small divisions that make portable sports flooring and equipment for volleyball, gymnastics and basketball. But SRI's most well-known products, football fields and running tracks, will be discontinued in the next few weeks. Calls to SRI went unanswered on Tuesday. The filing caps a dramatic decline for the company, which once was the industry leader in sports surfaces with millions in sales and fast growth. The heavily indebted company grew faster than management or its systems could handle, according to the bankruptcy filing. In mid-2003, the company hired a new CEO and an investment banker to explore its options. "It is surprising to see a company go under so quickly," said Robert Sills, whose company, Martin Surfacing Inc. of Lancaster, Pa., is listed as SRI's second-largest creditor, with a $6.3 million claim. "They were the industry leaders and seemed quite profitable and seemed to be in good shape. And it all came unraveled pretty quickly." SRI ended the year with $156.9 million in revenue, a nearly 29 percent drop from $220 million in 2002, as reported by business research firm Hoover's Inc. In its bankruptcy filing, which was made Friday in Rome, Ga., the company said it had about $102 million in assets and $88 million in liabilities as of Dec. 31. It also said the company has more than 1,000 creditors. AstroTurf, the first artificial playing field surface, was created more than 30 years ago. Artificial turf came to professional sports in 1966, when it was used to carpet the Astrodome, inspiring the AstroTurf brand name. SRI, which entered into the artificial turf business in 1989, bought AstroTurf Industries Inc. in 1994 from St. Louis-based Balsam Corp., which had filed for bankruptcy.
After the no hitter, it was branded astro turf forever. It's a lesson tho'. Sell right when you peak. Because someone is always going to come along and do it better. Either that or you have to kill the competition before it gets the foot the in the door.
Well, the story said that Yankee Stadium had an artificial surface, not necessarily that it had AstroTurf. There are a lot of places you can put artificial turf besides the field...Isn't the dirt on MLB fields "fake" dirt? ...anyways, I can't say that I'm suprised by this. Astroturf is basically green carpet. Almost every new stadium being built these days is using eithe real grass or that fake grass made from used car tires...
Field turf killed it. Astroturf has destroyed more careers than drugs or stupidity in pro athletics. Mourn not at its passing.
No kidding. I guess it saved the Dome from being the biggest boondoggle in history, but I always hated it.
This is a good thing. Field turf killed it and not even "Astroplay" could save it. People had career ending injuries because of this crap.
"I dunno. I never smoked any Astroturf." - Tug McGraw, asked whether he preferred grass or Astroturf I believe there ought to be a constitutional amendment outlawing Astroturf and the designated hitter. -Crash Davis, In Bull Durham "Gramen artificiosum odi." "More and more stadiums are bring back natural grass, they have too. All that tobacco juice is killing the Astroturf." "If a horse can't eat it, I don't want to play on it." -Richie Allen on astroturf RIP AstroTurf; May you be in a better, green place along with Orbit.
