BERKELEY, Calif. — The new owners of Andronico's Community Markets are planning to close one of the banner's four locations in this city, according to local reports.
Renwood Opportunities Fund, a Seattle-based investment group formed by Rosewood Private Investments and Renovo Capital, was poised to complete its acquisition of the seven-store chain for $16 million and then close the University Avenue store in Berkeley by Oct. 29, The Daily Californian reported.
As previously reported by SN, San Francisco-based Andronico's filed a pre-packaged Chapter 11 bankruptcy reorganization plan in August that anticipated an acquisition by Renovo Capital.
Renwood earlier this month completed the acquisition of A.G. Ferrari, an importer and specialty retailer, for a reported $1.2 million. That chain was also in bankruptcy.