California market chain files for bankruptcy
An Italian market chain based in San Leandro, California, has filed for bankruptcy.
An Italian market chain based in San Leandro, California, has filed for bankruptcy.
A.G. Ferrari Food recently closed one of its stores, but has decided to keep another 12 stores open, according to a report. The company listed assets ranging from $1 million to $10 million, and listed the same amount for debts in the bankruptcy filing.
"Filing Chapter 11 will improve our cash flow and allow us to stabilize the business," said Paul Ferrari, chief executive officer for A.G. Ferrari Food, according to the Oakland Tribune.
Ferrari added the company will remain open and he expects no change in everyday business practices, the news source reported.
The store chain, which has been in business since 1919, has four remaining stores in East Bay, three in San Francisco, and one in Sunnyvale, Belmont, Palo Alto, Corte Madera and Los Altos, the news source reported.
The East Bay store that is closing, located in North Berkeley, had six employees, the filing said. Ferrari told the news source that the company is attempting to relocate the workers at the closed store.
Need Help Filing Bankrutpcy?
Complete the form below and an attorney near you will call you to discuss your options. The form only takes a few minutes to complete, so get started now!
Like this article? Please link to it using the code below:
These articles are all written by BankruptcyHome.com's great editors and contributors. If you would like to write articles for BankruptcyHome.com, please email editor[at]bankruptcyhome.com.
Related Articles
Is Bankruptcy Right For You?
If you are ready to find out if Bankruptcy can help improve your financial situation, the best place to start is our Free Case Evaluation form. Complete the form below and an attorney near you will call you to discuss your options. Bankruptcy law differs from state to state so it's important that you discuss your case with a local bankruptcy attorney. The form only takes a few minutes to complete, so get started now!