INDIANAPOLIS (WISH) — Marsh has filed for bankruptcy but the company is still looking for someone to buy the chain.
The announcement comes days after the company said that all 44 remaining stores would be closed if a buyer was not found within two months.
A spokesman said that the company is still looking for a buyer or investor. The company filed for bankruptcy protections out of Delaware.
“While today’s decision was extremely difficult, we believe this action is necessary to preserve the value of the business as we seek a sale,” said Chief Executive Officer Tom O’Boyle. “After reviewing every alternative, we concluded that Chapter 11 clearly provides the most effective and efficient means to ensure the best recovery for the Company’s stakeholders.”
A release from the company said:
In recent years, the Company has struggled to compete effectively against larger national and regional chains that have made the Indiana and Ohio grocery marketplace among the nation’s most competitive.
The crowded environment has led to price-cutting and other forms of promotional activity that have put profit margins under extreme pressure. Marsh has reacted this year by closing 21 unprofitable stores and, in late April, the sale of its in-store pharmacy business to Hook-SupeRx, L.L.C., a subsidiary of CVS Pharmacy. The result is a chain of 44 stores that Marsh believes can be a valuable acquisition or merger partner for a grocery company or other buyer.”
Read the full filings here: