CHANDLER, Ariz. — Bashas’ here said eliminating the bleeding from underperfoming stores, including stores in new areas, will leave the company in a better position when it emerges from Chapter 11 early next year.
Although Bashas’ will still be the small, family-owned chain in a marketplace of national giants, “we will be able to invest in locations that have strong balance sheets, which will help us compete better,” Mike Proulx, president and chief operating officer, told SN yesterday, after the company filed for financial reorganization in U.S. District Court in Phoenix.
Although it's possible the chain will close additional stores after it shuts down 10 locations next Tuesday, “we are not selling the chain, we’re not interested in selling it, we’re not closing down or liquidating. We expect to emerge from Chapter 11 in the first quarter of 2010 to move our 77-year legacy forward,” Proulx said.
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