
Businesses come and go. Those of us who live in large cities are often witness to the comings and goings of various restaurants and boutique clothing stores. The life and death cycle of these establishments is such a constant that we almost do not even notice it. However, when an industry giant goes belly up, it is rather noticeable. If the small businesses are like wildflowers, institutions like Sears are great oaks. When they fall or burn, we feel it. One such oak is currently falling in Cook County, Illinois.
Strack & Van Til, the parent company of Central Grocers, amassed roughly $225 million dollars' worth of debts in recent years, and has filed for bankruptcy. Strack wanted to keep the proceedings in Delaware where they are incorporated. Their creditors filed a successful motion to forcibly try their bankruptcy in Illinois where Central Grocers is located. This way the court has the authority to divvy up the company's assets and the creditors stand a greater chance of recouping their losses.
Filing for Bankruptcy
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