US: Bruno’s to close ten stores
Bruno's Supermarkets is to close ten of its stores as part of a restructuring process resulting in 30 job cuts.
The closures include four Bruno stores and six Food World stores, which the company said will be closed due to them continually "under-performing" and are all subject to court approval.
The job cuts include corporate positions through "attrition and position elimination" across all HQ areas, including finance, human resources, information technology, merchandising and store operations.
"It is never an easy decision to close stores or reduce positions, but we believe this is a necessary step that will enable Bruno's to be a more focused and competitive business across the region we serve," said Jim Grady, chief restructuring officer for Bruno's. "We owe this to our customers and others who depend on us to operate efficiently, effectively and profitably."
Stores that are targeted to close will continue to operate over the next 30 to 60 days as going-out-of-business sales are conducted. Bruno's intends to retain Hilco Merchant Resources, an outside professional services firm, to assist in the liquidation sales of inventory at the closing stores.
Earlier this month, Bruno's filed for Chapter 11 bankruptcy protection. Restructuring and corporate advisory firm Alvarez & Marsal was appointed to help with the overhaul of the business.
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