Posted on Wednesday, January 11th, 2012 at 6:49 pm
The owner and operator of 6 grocery stores in metropolitan Chicago, Michael’s Market Inc., has filed for bankruptcy. The bankruptcy filing cites lending restrictions put in place by one of the company’s banks as causing their current financial situation.
Michael’s Market’s bankruptcy filing lists both assets and liabilities in the $1 to $10 million range. In addition, bankruptcy documents show that almost all of the company’s grocery stores are profitable, and that they have sales of about $50 million a year.
Executives with Michael’s say they want to continue operations by reorganizing. The company lists between 100 and 199 creditors in their bankruptcy filing.
Contact the Joliet bankruptcy lawyers of The Law Offices of Stuart B. Handelman, P.C. by calling 815-722-2201 to learn more about filing for bankruptcy and the bankruptcy process.