ONTARIO, Calif. — Pro's Ranch Markets, a chain of 11 Hispanic-oriented stores based here, said Friday it has filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code.
Pro's said it does not plan to sell of close any of its stores, which encompass seven units in Arizona, two in New Mexico and two in Texas. The company said it has hired HG Capital Partners, Phoenix, as its restructuring adviser.
According to Rick Provenzano, Pro's chief operating officer, "We made this move to improve the overall health of the company and save the jobs of more than 2,200 team members. This opportunity to restructure our business will result in a stronger and more stable company for years to come."
Michael Provenzano Jr., chief financial officer, said Pro's revenues have been hurt “by the lingering recession. This reorganization will put us back on a more firm financial footing."
He said the company has obtained a $3 million loan commitment to continue operations during the reorganization. "The short-term plan is to emerge from Chapter 11 as soon as possible," he said. "Over the next few months we will be laying out our long-term strategy to ensure success."
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