This Grocery Store Chain is Bouncing Back After Declaring Bankruptcy
Lucky's Market, Fairway Market, and more grocery store chains have filed for bankruptcy this year because of the ongoing pandemic. And while online grocery orders continue to go up and many in-store safety rules are still in place, one supermarket is showing others how to respond after a Chapter 11 bankruptcy filing. Earth Fare is bouncing back — 13 locations have opened since June 22, and there are more to come.
The Director of Grocery Gavin Konkel recently announced the news on LinkedIn while promoting the latest store opening in Charlotte, N.C. He also revealed that the chain, which is based in Ashville, N.C., has opened 13 new stores since June 22. That is quite the turnaround after the company filed for Chapter 11 bankruptcy on Feb. 4. This specific type of legal action allows a company to reorganize while looking for a way to pay back debts. This can be through a new partnership, corporation, or another strategy. (This news is unlike other announcements this year. Here are 9 Restaurant Chains That Closed Hundreds of Locations This Summer.)
At the time of the bankruptcy declaration, Earth Fare operated 50 stores in 10 states. They also had massive plans to expand. But then all locations were seemingly closed for good. In March, the company received an investment from Hulsing Enterprises. The funds allowed for the original founder and a former president of the grocery store to restructure, according to Supermarket News.
Then, in late June, The Charlotte Observer reported that Earth Fare is bouncing back and is planning to open up to five new stores in the area within the next five years, in addition to opening current locations again. The first store to reopen was the Westgate Earth Fare in Ashville.
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