Troy Food World to be sold during bankruptcy proceedingsPublished 11:00pm Wednesday, July 24, 2013
Belle Foods has announced it is selling all 44 of it’s remaining stores – including the Troy Food World.
The move comes after the company filed for bankruptcy in early July and was granted a motion to sell 13 stores.
“Belle has agreed to sell the 44 stores because it believes the sale of the stores presents the best opportunity to maximize value for the benefits of its creditors,” the company said in a statement on its website.
Wednesday, Belle and C&S Wholesale Grocers, Inc. reached an agreement for debtor-in-possession financing approved by the U.S. Bankruptcy Court for the Northern District of Alabama, according to the company.
The financing and C&S commitment extend through at least Oct. 4.
“At this point, this is the best way to serve our customers, preserve jobs for our employees and support our communities,” said Bill White, owner and president of Belle Foods. “We expect these stores to be sold as ongoing operations and will work with any new owners to see that our people remain employed.”
Belle plans to employ a chief restructuring officer to help the company during the bankruptcy process and Belle owners have agreed to stay with the company for a period of time to assist with the restructuring officer’s transition.