San Jose-based Mi Pueblo Foods has emerged from Chapter 11 bankruptcy reorganization with founder Juvenal Chavez as board chairman and Javier Ramirez as the new chief executive officer.
The Hispanic grocery chain, which filed Chapter 11 last July, received $56 million in financing from Chicago-based Victory Park Capital as part of the restructuring. After the filing, stores continued to operate under agreements with vendors and creditors, according to a news release.
Mi Pueblo Foods, founded in 1991, has 21 stores in Northern California.
Ramirez has nearly 20 years of experience in the Hispanic food and grocery industry, according to the company.
“We have already started to implement aggressive initiatives designed to reposition Mi Pueblo as a profitable entity and as a strong contributor to our local Hispanic communities,” he said in the release.
Ramirez’s post-bankruptcy plans include enhancing the company’s Hispanic product offering, improving customer service and ensuring competitive prices.
“We will be introducing several new employee benefit programs for our colaboradores as well as several new initiatives focused on supporting our local communities,” he said. The company employs about 3,200.
In the bankruptcy claim, the company’s top 20 unsecured creditors included OK Produce, Fresno, Calif., with $225,000 owed; Premier Valley Produce Inc., Scottsdale, Ariz., with $243,000 owed; and West Pak Avocado Inc., Murrieta, Calif., with $149,000 owed. Total assets were listed at between $10 million and $50 million, as were total liabilities.