54-Year-Old Discount Grocer Best Bargains in Receivership; Receiver Expects All Stores to Close This Weekend
Best Bargains Inc., a Wisconsin discount grocery chain with 54 years of history, entered receivership earlier this month and is holding a store-closing sale, TheStreet reported, citing the Milwaukee Business Journal. The court-appointed receiver said he expects the company's stores to close this weekend.
According to the receivership filings, the company owes $4.18 million to Bank CMG; the petition also listed $2.35 million in accounts payable and subordinated debt, plus approximately $574,000 in customer deposits. Milwaukee attorney Seth Dizard was appointed receiver for the case on October 8.
A receivership is a remedy available to secured creditors to recover amounts outstanding under a secured loan when a company defaults; it operates in a process similar to a Chapter 7 bankruptcy, although entering receivership does not by itself guarantee closure. In this case, however, the receiver expects the chain's stores to shut this weekend. Coverage noted that while Best Bargains' prices ran lower than conventional grocers such as Kroger and Publix, they were probably not consistently competitive with Walmart, Costco and large discount chains such as Aldi and Lidl.
(GSM via TheStreet and the Milwaukee Business Journal)
Published by GSM · USA (original Chinese edition)
Photo: Wikimedia Commons 文件 File:Grocery Store Aisle, vermont.jpg，作者 Tessa Bury，CC BY 4.0。图为杂货超市货架通道通用资料图，非该连锁门店实景。
