Beleaguered southwestern grocer Bashas' filed for Chapter 11 bankruptcy protection Sunday night in an attempt to continue operations. The company announced 10 new store closings alongside the filing. Bashas' owns the Food City and AJ's Fine Foods chains in addition to its namesake, a total of 158 stores.
Bashas' made headlines less than two weeks ago with several store closings. The chain first began closing locations in February in an effort to improve profitability.
Ritz Camera's 400 remaining locations are going up for auction following an unsuccessful bankruptcy reorganization. The chain, which filed for Chapter 11 bankruptcy protection in February, closed half its stores but has run out of cash for continuing operations.
As of now, there are no strong indicators whether a buyer will take over some or all of the locations, although Ritz hopes that is the case. If not, inventory and stores will be liquidated following the auctions, which are to be held later in July.
Two beleaguered grocery store chains, Bashas' and Bruno's are in the news this week following earlier store closing and bankruptcy announcements. The chains first appeared in Timely Demise together in February.
Bashas' is closing at least two more locations as it continues a lengthy restructuring. The chain, which previously had announced five store closings, is being criticized for dragging out the process.
In better news, Bruno's new owner is rapidly reopening stores, having remodeled dozens of locations in the past few weeks. The renewed Bruno's chain has 31 doors and a new pricing structure for its products.
