The Arizona Republic reports that Pro's Ranch Markets has filed for Chapter 11 bankruptcy protection, which will allow it to reorganize and restructure its debt while remaining open for business.
According to the story, the seven-store, Hispanic-oriented retailer "lists a number of reasons why the company had to file for bankruptcy. Those reasons include a decline in the U.S. economy, especially in the Southwest; loss of construction and blue-collar jobs; and an 'adverse, negative and chilling effect of the perception of the State of Arizona towards immigrants and Hispanics including the passage of SB 1070.” A 2012 U.S. Supreme Court decision struck down much of SB 1070, which made it a state crime to be in the country illegally'."
The story says that Pro's Ranch Markets has estimated assets of between $1 million and $10 million, and debts of between $10 million and $50 million.
According to the story, the seven-store, Hispanic-oriented retailer "lists a number of reasons why the company had to file for bankruptcy. Those reasons include a decline in the U.S. economy, especially in the Southwest; loss of construction and blue-collar jobs; and an 'adverse, negative and chilling effect of the perception of the State of Arizona towards immigrants and Hispanics including the passage of SB 1070.” A 2012 U.S. Supreme Court decision struck down much of SB 1070, which made it a state crime to be in the country illegally'."
The story says that Pro's Ranch Markets has estimated assets of between $1 million and $10 million, and debts of between $10 million and $50 million.
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