A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy
A massive grocery brand now files for Chapter 11 bankruptcy protection as its debt mountain continues to grow.
Freirich Foods has filed for Chapter 11 bankruptcy protection after showing it had between $10 million and $50 million in debt with the same range of assets, reports TheStreet.
Friedrich Foods also claimed in the filing that it would have money available for unsecured creditors.
Currently, Freirich Foods continues to operate, and there’s no mention of the Chapter 11 filing on its website.
The company has about $5.1 million in accounts receivable and about $5.7 million in inventory in some stage of being processed.
In overall assets, which includes its inventory, machinery, intellectual property, buildings, and vehicles, Freirich showed about $13 million in total assets.
BJ’s Wholesale Club stands as the company’s second-biggest creditor with Freirich owing the Walmart-owned brand $1.6 million.
It’s largest creditor is a trust owned by Jeff Freirich, a member of the founding family who does not currently hold a leadership position with the company.
Currently, Paul Bardinas serves as CEO of the company.
“A veteran of Freirich Foods since 1993, Paul Bardinas guides our company as president and chief executive officer, as well as serving as a member of our board of directors.
Formerly vice president of operations and chief operating officer, Paul has held a number of positions in Freirich operations and general management during his 15-year tenure,” the company posted on its website.
Freirich has not yet filed a plan for how it intends to finance its Chapter 11 reorganization with the North Carolina court where it filed for bankruptcy.
The company now operates from its Salisbury, NC headquarters, and its main products are corned beef, pastrami, roast beef, various deli meats, and many other specialty items.
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Also Read: A Massive US Company Is Now Closing 500 Locations
Other Economy News Today
A famous clothing mall retailer is now closing for good after it filed for bankruptcy, leaving several loyal customers in despair.
A Forever 21 store located in a popular shopping mall is set to close in days after more than a decade of business.
Fans of the retailer are in despair after several of the chain’s stores across the US have shut or are closing, reports The US Sun.
The Forever 21 outlet at the Westfield Galleria Mall in Roseville, California – located around 25 miles from Sacramento – will close on March 31.
It comes just years after the chain filed for bankruptcy.
The store is closing after 15 years of business, per The Sacramento Bee.
Westfield Galleria is home to chains including Nordstrom, Macy’s, JCPenney, and Abercrombie & Fitch.
The Forever 21 store located in the Westfield shopping center is just one of several outlets that are closing.
Reacting to the closures, one fan said, “All the Forever 21 stores closing down fr [for real]? Ain’t no way this world is ending.”
Three Forever 21 stores in Kansas City, Kansas, are also closing down and liquidation sales have started.
The prices of clothes have been cut by 50% as bosses rush to clear the last remaining stock.
Signs warning customers that everything must go are hanging from windows, per The Kansas City Star.
Last month, The U.S. Sun reported that the Forever 21 store inside the Destiny USA mall in Syracuse, New York, is also closing on March 31.
Forever 21 has been part of the American retail scene for almost 40 years but in 2019, chiefs filed for bankruptcy.
At the time, bosses expected that up to 178 stores would shut in the US as part of the company’s restructuring plans.
Forever 21 has more than 540 stores globally.
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Also Read: A Massive Company Now Announces Unexpected Layoffs in Arkansas
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The article seems to inform that Walmart owns BJ’s Wholesale Club. Walmart doesn’t own BJ’s, they own Sam’s Club.
Owing, not owning.
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