Pro’s Ranch Markets, which voluntarily filed for Chapter 11 bankruptcy in Arizona earlier this week, has set up an informational website about the reorganization. The site URL is www.prosranchreorg.com.
The Ontario, Calif.-based grocery chain with 11 stores in Arizona, Texas and Mexico made the filing Tuesday.
“We made this important move to improve the overall health of the company and save the jobs of more than 2,200 team members,” says Rick Provenzano, COO for Pro’s Ranch. “We are and have always been a family business. This opportunity to restructure our business will result in a stronger and more stable company for years to come.”
“We have been in business for over 30 years and we are confident that our family of stores will be in business for another 30 years,” said Michael Provenzano Jr., CFO for Pro’s Ranch. “Our revenues were hurt by the lingering recession. This reorganization will put us back on a more firm financial footing.
“We do not plan to sell or close any stores, and our shelves are fully stocked,” he added. “We’ve had the honor and privilege of being in business since 1982, and we’re committed to continuing to provide our customers with great products at low prices, and taking care of our vendors and our employees and their families.”
Pro’s Ranch has obtained a loan commitment for $3 million to continue operations smoothly during the reorganization, according to Michael Provenzano.
“The company’s short-term plan is to emerge from Chapter 11 as soon as possible, and over the next few months we will be laying out our long-term strategy to ensure success, he said.
Pro’s Ranch Markets was founded 31 years ago by Mike Provenzano Sr.
The company has hired Phoenix-based HG Capital Partners as its restructure advisor, led by Managing Partner Jim Ameduri.