US: Fifth Season files for Chapter 7, owes about $50 million in liabilities

Fifth Season LLC, a vertical farming and robotics startup, has filed for Chapter 7 bankruptcy liquidation a year after announcing its closure. Before closing, Fifth Season operated from its headquarters in The Highline building and a farming facility in Braddock, which is now available for lease.

The company's Chief Restructuring Officer, Michael Von Lehman, has been attempting to find a new owner for the company's assets. The bankruptcy filing estimates the company's assets to be between $50,001 and $100,000, while liabilities range from $10,000,001 to $50 million, with nearly 200 creditors listed.

Fifth Season had raised over $75 million in investments and was known for producing leafy greens at its automated Braddock farm, supplying retail customers like Giant Eagle Inc. and The Kroger Co. This closure was a surprise to the tech startup and robotics community in Pittsburgh, as it followed the shutdown of autonomous vehicle developer Argo AI. The founders of Argo AI have since launched a new autonomous vehicle venture called Stack AV, focusing on the trucking industry.

Source: Pittsburgh Journal

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