News: B&C sells Myrtle Waves and NASCAR SpeedParks

Posted at 10:44 AM EDT (1444 GMT)

Jul. 16th, 2008 -- Burroughs & Chapin Co. Inc (B&C) is a company you might not be that familiar with, unless you remember the demise of the Myrtle Beach Pavilion several years back what was owned by B&C.  

Friday, B&C reported that they have now decided to totally get out of the amusement industry by selling Myrtle Waves Water Park and five NASCAR SpeedParks to Florida-based PARC Management, which plans to keep running the attractions.

B&C also announced Friday that some of their 1,400 employees had been laid off.

In a statement issued through the company's public relations firm, LHWH, B&C said the layoffs were a result of the sale of the parks and "the current state of the economy."

An official said PARC would keep all of the employees at Myrtle Waves and the NASCAR parks, including the management team. The NASCAR SpeedParks are in Myrtle Beach; Sevierville, Tenn.; Concord, N.C.; St. Louis, Mo.; and Vaughn, Ontario.

The company looks to refocus on real estate development in the future.

Earlier this week, B&C said it will delay developing the site of the former Myrtle Beach Pavilion Amusement Park because of the economy.

About PARC

PARC operates several water parks and theme parks across the country: Frontier City and White Water Bay, Darien Lake Theme Park Resort, Elitch Gardens, Wild Waves Theme Park, Waterworld California, Splashtown and Magic Springs & Crystal Falls.

Last year, PARC Management bought seven former Six Flags properties for about $300 million. Last week, PARC bought Magic Springs & Crystal Falls water and amusement parks in Hot Springs, Ark.

PARC will soon start making its own imprint on the Myrtle Beach properties, such as, perhaps, adding a water slide to Myrtle Waves. Ticket prices could go down, officials said.

For more information visit The Sun News.