Continuing with the legacy of grocery chain shut downs across the United States, the 45-year-old grocery chain, Earth Fare, has announced it will be closing down all its stores across the 10 states in which it operates. Oak-Hill Capital, the private equity firm that backed the Earth Fare chain, stated that the company was finding it difficult to churn out a sizeable income for fending off the debts and making any profit. The company cited challenges in the retail industry as the reason behind the decision. Earth Fare has even announced for a chapter 11 bankruptcy.
Earth Fare started operating back in 1975 and has over 3,000 employees working across over 50 stores in Indiana, Ohio, South Carolina, North Carolina, Florida, Georgia, Alabama, Virginia, Michigan, and Tennessee. According to the bankruptcy filing, the company has a debt in the range of USD 100 million to USD 500 million owed to over 10,000 creditors. The company stated its own evaluation to be equivalent to the debt, between USD 100 million and USD 500 million. Fairway Market, another popular grocery chain, filed for bankruptcy in January and offered to sell its New York based store to Village Super Market.
Grocery stores are not the only ones filing for bankruptcy. Forever 21, a globally popular teen fashion brand has announced it will close down all its stores in the United States after filing for a chapter 11 bankruptcy. Given the massive popularity of Forever 21, the company has already managed to find buyers as major mall owners have put in their bid to take over the company hoping to turn things around. Authentic Brands Group, a licensing company which helped Aerospostale get re-established after acquiring it in 2016, will again be hoping to do the same with Forever 21.