Andronico’s plans recapitalization with new lenders and investors

Berkeleyside yesterday reported on the financial difficulties that seem to be besetting Andronico’s, which has four supermarkets in Berkeley. Today, the family-owned company sent Berkeleyside a statement written by CEO Bill Andronico, announcing plans to recapitalize the company:

As with other small family companies, Andronico’s continues to operate with many business challenges on a daily basis. The economic climate of the past several years has also contributed to these difficulties. Andronico’s has been a closely held, family business since it began in 1929 and we are dedicated as always to insure our commitments to our vendors, employees and communities are met. We are working on a plan to recapitalize the Company that brings in lending/investor partners to replace the existing lender group and, additionally, provides growth capital. Andronico’s looks forward to being a part of our community for another 80 years and more. We thank our vendor and staff network for their continued support.