After both declaring bankruptcy earlier this year, Andronico’s and A.G Ferrari have found a savior and look to be out of immediate crisis, according to Chronicle columnist Andrew Ross.
A.G. Ferrari, which was forced to close its Solano Avenue store in April after filing Chapter 11 is, as of Tuesday, officially out of bankruptcy. Danielle Caponi, A.G. Ferrari’s director of marketing, told Ross the stores are ordering new stock but, for a while, “it was touch-and-go”.
The Italian delicatessen chain, which was founded in San Jose in 1919, was bought by Renwood Opportunities Fund, a $50 million turnaround specialist in Seattle formed by Rosewood Private Investments and Renovo Capital. Former president of Whole Foods Market John Clougher will take over the reins as CEO.
Renwood is also poised to take over Andronico’s on Thursday for a reported $16 million. The 82-year old supermarket chain which was founded in Berkeley filed for bankruptcy in August listing debts of between $10 million and $50 million. Four of the seven existing Andronico’s stores are in Berkeley: on Telegraph, Shattuck, University and Solano.
The two companies will be operated separately. Full details can be found in Ross’s column.
Andronico’s files for bankruptcy [08.22.11]
Andronico’s plans recapitalization with new lenders and investors [05.25.11]
Four Berkeley Andronico’s face difficult conditions [05.24.11]
A.G. Ferrari closes Berkeley store, company bankrupt [04.05.11]
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