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Latin American grocer Pro's Ranch Markets files for bankruptcy
Pro's Ranch Markets chief financial officer says the Latin American grocer will emerge from Chapter 11 bankruptcy within nine months. Executives blame the economy and immigration policy for their problems.
The California-based company filed for Chapter 11 bankruptcy to repay its debts. Ranch Markets is best known for its carnival-like atmosphere with robust Latin American food items including pastries, tortillas and a meat market. There are seven Pro’s Ranch Markets in Arizona and four more in New Mexico and Texas.
The company owes between $10 to $50 million to each of its creditors. Ranch Markets' CFO Rick Provenzano said the company will not close any of its stores or layoff its 2,200 employees.
"Our goal is to make it business as usual on the front end for our customers base. They should expect the same good customer service great prices and most importantly the fun atmosphere are the Ranch Markets is still there," Provenzano said. "We plan on keeping that same environment and vibe as behind the scenes we are restructuring our financial footing"
Provenzano said the company will have to consolidate its administrative offices and its warehouses.