Metco Landscape of Aurora, Colo., is going out of business and preparing to lay off hundreds of workers, according to a report from the Denver Gazette.

Reports point to Metco filing related paperwork with the Colorado Secretary of State, with expected layoffs coming for 343 workers, the majority of whom work in its Aurora, Arvada and Englewood offices. According to the report, Metco also plans to lay off 36 workers in El Paso County.

Atar Capital, the Los Angeles-based investment firm that acquired the 35-year-old Metco in late 2021, told the Denver Gazette that Metco is in receivership in a district court in Boulder, Colo., meaning its assets are being sold due to its inability to pay debts.

Another Los Angeles firm, Westhook Capital, invested in Metco in September 2018.

A statement from Atar characterized the closing of Metco and its current legal troubles as products of “unforeseen financial and economic conditions.”

“Despite a significant infusion of capital from its new owners beginning in early 2022, it became clear that Metco was facing financial hardship and an economic environment that has changed drastically due to higher interest rates, rising inflation and a downturn in the housing industry,” the statement reads.

According to the Denver Gazette‘s report, Altar Capital alerted Metco employees of the decision on July 28.