MJP –
According to court documents, another supermarket company has suddenly gone out of business after failing to reorganize.
Following failed efforts at reorganization, Choice Market, a Denver-based premium supermarket store, has announced its permanent closure in a LinkedIn post by CEO Mike Fogarty on October 7.
“We apologize for the inconvenience, but after much deliberation and months of considering a possible reorganization, we must inform you that Choice is closing permanently,” Fogarty announced.
In order to fulfill the aim of making high-quality food easily accessible, he thanked investors, employees, suppliers, friends, and family.
In an effort to reorganize and secure new funding in the wake of difficulties caused by the COVID-19 pandemic, the corporation first sought Chapter 11 bankruptcy protection on May 6, 2024.
When Choice Market first opened its doors in 2017, its intention was to focus on smaller mini-mart formats rather than its upscale urban supermarket concept. The plan was to sell off all but one site.
The decision to end operations was based on the fact that Fogarty’s stated goal of launching this new path within six to nine months never materialized.
The supermarket company was unable to control the rising expenses of products and labor caused by inflation.
Choice Market had grown to five sites last year before running into serious financial problems and closing its doors. It was famous for mixing fast service, easy-to-use technology, and nutritious items.
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