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Article: Arizona's Bashas' seeks Chapter 11 reorganization
- Article from:
- AP Online
- Article date:
- July 13, 2009
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Stung by the national credit crisis and slowing growth in Arizona, the Bashas' grocery chain said Monday that it has filed for Chapter 11 protection in U.S. Bankruptcy Court.
Chandler-based Bashas' Inc., made the filing late Sunday night. Executives said they intend to keep Arizona's largest privately held grocer in business but announced plans to close 10 stores July 21 and shed about 1,000 jobs.
"The current population cannot fully support the overabundance of stores in what has become the most fiercely competitive grocery market in the country," company president Mike Proulx told a news conference Monday. He also blamed ongoing friction with a union trying to organize the company's workers.