After closing most of its stores in recent weeks, Lucky’s – a Colorado based grocery store- filed for a Chapter 11 bankruptcy. There are plans to sell some of its stores to Aldi Inc. and Publix Super Market Inc. after the company failed to compete with supermarket powerhouses such as Whole Foods. In the bankruptcy petition, the company listed assets of as much as $500 million and liabilities of at least that amount.
Before Lucky’s began liquidation, it operated 39 stores, 32 of them were apart of the recent liquidation, leaving nearly 3,000 jobs at stake. There are purchasing offers from third parties for equipment and leases at about 26 stores. While stores are closing in various locations, Chapter 11 bankruptcy allows for Lucky’s to continue to operate in other locations including Ohio, Florida and Michigan.
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