San Jose, CA-based grocery chain Mi Pueblo Food Center has filed for federal Chapter 11 bankruptcy protection, noting a dispute with its only secured creditor, Wells Fargo.
The 21-store chain released a statement with a positive spin on the situation.
"Filing for bankruptcy gives our company a unique opportunity to reorganize ourselves in a manner that will make us stronger and more competitive," Mi Pueblo CEO Juvenal Chávez said in the company's statement. "I want to assure our loyal customers and team members that Mi Pueblo will continue being open for business doing what we do best—serving you and your family."
Mi Pueblo also noted that it is current on all obligations and has not defaulted on any payments. The company will now focus on submitting a reorganization plan to the Federal bankruptcy court for consideration and approval.
