Young Research & Publishing Inc.

Investment Research Since 1978

Disclosure

  • About Us
    • Contributors
    • Archives
    • Dick Young’s Safe America
    • The Final Richard C. Young’s Intelligence Report
    • You’ve Read The Last Issue of Intelligence Report, Now What?
    • Dick Young’s Research Key: Anecdotal Evidence Gathering
    • Crisis at Vanguard
  • Investment Analysis
    • Bonds
    • Currencies and Gold
    • Dividend Investing
    • ETFs & Funds
    • Investment Strategy
    • Retirement Investing
    • Stocks
    • The Efficient Frontier
  • Investment Counsel
  • Retirement Compounders®
  • Free Email Signup

Amazon: Bankruptcy in Groceries Happens

June 20, 2017 By E.J. Smith

This is why Amazon will need to keep unions out of its grocery business. The Chicago Tribune explains the bankruptcy of Central Grocers:

After almost 100 years of doing business, Joliet-based Central Grocers filed for Chapter 11 bankruptcy Thursday and will lay off about 550 employees at the company’s Joliet warehouse.

Central Grocers is a grocery cooperative that has long operated as wholesaler for more than 400 independent grocery stores in the Chicago area — including chains like Treasure Island, Pete’s Fresh Market, Angelo Caputo’s Fresh Market and Sunset Foods — distributing private-label Centrella products as well as produce, meat and dairy. It’s also the parent company of Strack & Van Til and Ultra Foods stores in Illinois and Indiana, which are included in the bankruptcy filing. The layoffs are expected to occur between June 26 and July 10 as the cooperative’s business gradually shuts down, according to a mass layoff notice sent to employees Wednesday….

Central Grocers’ Chapter 11 filing comes after a group of suppliers, including Coca-Cola, General Mills and Mars Financial Services, filed a petition Tuesday to force the grocery cooperative into involuntary Chapter 7 bankruptcy.

The company’s bankruptcy filings listed its total assets at about $262 million and its total liabilities at about $232 million. Central Grocers is seeking debtor in possession financing.

Highland Park-based Sunset Foods also recently enlisted a new distributor for grocery items — such as crackers, soups and cereals — that its five stores had been stocking from Central Grocers, said Thaddeus Tazioli, vice president of marketing for Sunset.

“Obviously there were issues with the organization and so a decision had to be made about what to do next,” he said. “It’s really exciting, from our perspective, the opportunities that are going to open up.”

Sunset is now working with Supervalu, which will supply Sunset with brands the stores were not receiving from Central Grocers, Tazioli said….

Representatives of locals 703 and 710 of the Teamsters, the union representing the bulk of the Joliet Central Grocers employees facing layoffs, couldn’t be reached for comment.

Read more here.

Share this:

  • Email
  • Twitter
  • Facebook

You Might Also Like:

  • Can Amazon Get Groceries Right?
  • Amazon, Groceries and What it Means for Wal-Mart
  • Amazon Keeps Expanding
  • Author
  • Recent Posts
E.J. Smith
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris.

Please get in touch with E.J. at ejsmith@youngresearch.com

Click here to sign up for my free monthly Survive & Thrive letter.
Latest posts by E.J. Smith (see all)
  • Are You Fairly Wealthy? I’m Listening - March 21, 2023
  • Your Survival Guy’s BEST Insider’s Guide to Key West - March 20, 2023
  • For Whom Is Your Portfolio Serving? - March 17, 2023

Search Young Research

Most Popular

  • Silicon Valley Bank: What Do Investors Expect?
  • What’s Going On with Banks and Are My Deposits Safe?
  • Will the Black Swan Usher in Digital Dollars?
  • The Power of a Compound Interest Table
  • Vanguard Wellesley (VWINX) vs. Wellington (VWELX): Which Fund is Best?
  • The Education of Barney Frank
  • “Will We Have Enough to Live On Forever?”
  • What Does Inflation Mean to You?
  • Is Deposit Insurance a Solution or a Problem?
  • Credit Suisse Announced "Material Weaknesses" In Its Internal Controls

Don’t Miss

Default Risk Among the Many Concerns with Annuities

Risk and Reward: An Efficient Frontier

How to be a Billionaire: Proven Strategies from the Titans of Wealth

Cryptocosm and Life After Google

Warning: Avoid Mutual Fund Year End Distributions

Is Gold a Good Long-term Investment?

How to Invest in Gold

Vanguard Wellington (VWELX): The Original Balanced Fund

What is the Best Gold ETF for Investing and Trading?

Procter & Gamble (PG) Stock: The Only True Dividend King

The Dividend King of the North

You’ll Love This if You’re Dreaming of an Active Retirement Life

The Importance of a Balanced Portfolio

Invest with Peace of Mind and Comfort

What Kind of Life Are You Investing For?

RSS The Latest at Richardcyoung.com

  • Who’d be Nuts Enough to Have Put Money into SVB?
  • Are You Fairly Wealthy? I’m Listening
  • Get Well Soon Taki
  • A Cashless Society Is A Debacle for Americans
  • How about Hiring Erik Prince to Crush the Drug Cartels?
  • Key West’s Best Burger
  • Victor Davis Hanson: How to Bust DC’s Stronghold
  • “Our #1 American – Victor Davis Hanson.” — Richard C. Young
  • Pushing Back at ESG
  • Making America Great Again Is What America Wants

RSS The Latest at Yoursurvivalguy.com

  • Are You Fairly Wealthy? I’m Listening
  • How Long Is Your Water Supply Chain?
  • Your Survival Guy’s BEST Insider’s Guide to Key West
  • Be Wary of Those Who Wrap Themselves in Capes
  • For Whom Is Your Portfolio Serving?
  • ESG: Are Markets Ready for “A Needed Dose of Reality?”
  • Was Silicon Valley Bank a Victim of ESG?
  • Are You Living Your Best Life?
  • March RAGE Gauge: Will the Black Swan Usher in Digital Dollars?
  • Gretchen Whitmer Reviving Forced Unionization in Michigan

About Us

  • About Young Research
  • Archives
  • Contributors

Our Partners

  • Richard C. Young & Co.
  • Richardcyoung.com

Copyright © 2023 | Terms & Conditions

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.