Fri09192014

Business & Real Estate

Los Altos Andronico's remains open amid bankruptcy

San Francisco-based supermarket chain Andronico’s Community Markets, a mainstay at Rancho Shopping Center in Los Altos, filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court Aug. 22. Negotiations are under way to sell the company to a venture-capital firm.

A store spokesman said the local store – and six other Bay Area locations – will remain open and retain the current staff in the interim.

“Customers will see more well-stocked shelves,” said Adam Alberti, an Andronico’s spokesman.

The bankruptcy filing, a result of debt from expansion nearly a decade ago, should allow the 82-year-old company to free up capital.

Alberti said if the sale to Renovo Capital LLC, which specializes in businesses with liquidity problems, is successful, the firm may re-evaluate its business model.

“This is a bittersweet moment in our history,” said Bill Andronico, Andronico’s CEO, in a statement. “We have struggled mightily to keep going, but the combination of the economic downturn and a broken balance sheet was too heavy a burden.”

– Elliott Burr

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