The San Francisco Business Times reports that there are at least three potential buyers for Andronico’s Markets, which filed for bankruptcy protection last month and announced that the seven-store Bay area chain is for sale.
According to the story, the leading candidate is Renovo Capital, which already has given the upscale grocery and specialty foods chain a $5 million cash infusion in the form of a loan, and owns $29 million in the company’s secured debt. Renovo would pay $40 million for the chain and leave Bill Andronico, the current CEO, in place.
The other prospective buyers have not been identified.
There is some urgency, as Andronico tells the Oakland Tribune, "We are in a cash squeeze ... We need to complete a sale in October."
According to the story, the leading candidate is Renovo Capital, which already has given the upscale grocery and specialty foods chain a $5 million cash infusion in the form of a loan, and owns $29 million in the company’s secured debt. Renovo would pay $40 million for the chain and leave Bill Andronico, the current CEO, in place.
The other prospective buyers have not been identified.
There is some urgency, as Andronico tells the Oakland Tribune, "We are in a cash squeeze ... We need to complete a sale in October."
- KC's View:
- I hope that Andronico’s is able to accomplish the sale sooner rather than later, and that Bill Andronico finally has some breathing room so that he can worry a little bit less about finances and a little bit more about marketing and merchandising.
