(Reuters) – Bruno’s Supermarkets LLC filed for Chapter 11 bankruptcy protection in an Alabama court on Thursday to restructure business operations, and said it may pursue a sale of all its assets.
The company, which owns and operates Bruno’s and Food World grocery stores, also named Jim Grady as Chief Restructuring Officer to replace former Chief Executive Kent Moore, who resigned last week.
Bruno’s has a total of 66 locations in Alabama and the Florida Panhandle, and employs about 4,200 people, court filings showed.
The company listed assets and liabilities in the range of $100 million to $500 million in documents filed with the court.
In a statement, Bruno’s said its cash from operations will be enough to meet its normal business obligations. Bruno’s is trying to negotiate a commitment for a debtor-in-possession financing package.
“Bruno’s operations are expected to continue uninterrupted throughout the bankruptcy process,” the company said.
Alvarez & Marsal, a restructuring and corporate advisory firm, will assist Bruno’s throughout the restructuring process.
Bruno’s was founded in 1933 by Joe Bruno who started the company’s first grocery store in Birmingham, Alabama.
The case In re. Bruno’s Supermarkets LLC, No 09-00634, U.S. Bankruptcy Court, Northern District of Alabama (Southern Division) (Reporting by Mihir Dalal and Santosh Nadgir in Bangalore; Editing by Pratish Narayanan)