An unexpected retail chain now begins to liquidate after abruptly closing their doors last month across the country.
Foxtrot Market and small-format grocer Dom’s Kitchen & Market unexpectedly closed their doors on April 23, Supermarket News reported.
Foxtrot had 33 locations in Chicago, Washington, Dallas and Austin.
Dom’s had two stores in Chicago.
The two merged a few months ago.
“We explored many avenues to continue the business but found no viable option despite good faith and exhaustive efforts,” the company posted.
“This decision was not made lightly, and we understand the impact it will have on you, our loyal customers, as well as our dedicated team members.”
The chain has not filed for bankruptcy and customers held out hope that a buyer would step in or the company would find a lifeline.
That’s not going to happen, reports TheStreet.
A public notice that makes Foxtrot’s fate clear was filed.
“On May 10, 2024, at 10 a.m. Pacific Time, a foreclosure sale of substantially all of the assets of Foxtrot Ventures Incorporated; Foxtrot Retail, Inc.; Foxtrot Retail D.C., LLC; Foxtrot Intermediate Texas, Inc.; Foxtrot Retail Texas, Inc.; and Foxtrot Holdings Texas, Inc. will take place via Microsoft Teams video conference conducted by DLA Piper LLP (US), counsel to the debtor’s secured creditor JPMorgan Chase Bank, N.A. The sale may be canceled or continued from time to time at the direction of JPMorgan Chase Bank, N.A.,” according to the notice.
In theory, a buyer could step in and buy the assets needed to reopen the chain, or at least parts of it.
“The debtors were in the business of retail food and beverage sales.
The assets to be sold include inventory, intellectual property, accounts, chattel paper, documents, furniture, fixtures & equipment, general intangibles, and goods,” the filing continued.
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
A massive clothing retailer is now closing all 540 stores in just six weeks after unexpectedly filing for bankruptcy.
Liquidation sales will be held at rue21 outlets across the US as bosses rush to clear the last remaining stock.
The clothing retailer has entered bankruptcy and bosses have announced plans to close all 540 remaining stores within six weeks, reports The US Sun.
It is the third time in less than 25 years the fashion retailer has entered bankruptcy, per Bloomberg.
Court documents seen by Reuters revealed the company has more than $190 million of debt.
The chain has 540 stores across the US and 4,900 workers are set to be impacted.
Outlets are to slam shut within four to six weeks, according to court papers.
Bosses also announced plans to sell the company’s intellectual property.
The company narrowly avoided going into bankruptcy in October 2022.
Chiefs filed for bankruptcy in 2017 as they rushed to clear around $700 million worth of debt.
Bosses shuttered 400 stores as well and renegotiated leases.
Execs identified the rise of online shopping and changing consumer trends as reasons behind the bankruptcy.
Michele Pascoe, the interim CEO, also alluded to the impacts of competition and inflation.
The company also filed for bankruptcy in 2002.
At its peak, the company had more than 1,000 stores across the US.
The chain has dozens of outlets across several states, including Florida, Georgia, Illinois, North Carolina, Pennsylvania and Texas.
The teen fashion retailer is not the only clothing chain that has entered bankruptcy over the past year.
Last month, Express chiefs filed for bankruptcy, and at least 100 stores are set to close.
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