Seasons, a New York-based grocery store chain, has filed for bankruptcy. With $42 million worth of debt, the retailer has $5 million in assets, but it owes millions of dollars to its vendors, landlords, and banks, according to the Commercial Observer. These findings, the news source explained, were communicated in a Chapter 11 filing obtained by the Nationwide Research Company.
The news source relayed that the CEO Mayer Gold couldn’t be reached for comment, and Co-Owner Zvi Bloom directed calls to business management consultant Joel Getzler, who didn’t respond to inquiries.
“Seasons has revolutionized the kosher shopping experience, and we look forward to serving the neighborhood and the kosher consumer for many years to come,” Gold said last month in a statement to Nassau Herald.
The retailer has locations at 661 Amsterdam Avenue, which lies between West 92nd and West 93rd Streets, and 68-18 Main Street in Flushing, Queens. Another six locations are strewn throughout New York State, New Jersey, and Maryland.
The Flushing, Queens, location—the chain’s flagship—was opened in 2010 by Gold, and as of September 17th, the phone line was disconnected. Over the years, the retailer introduced supermarkets in Scarsdale, NY; Lakewood, NJ; Clifton, NJ; and two in Lawrence, NY.
The Baltimore, Maryland, location opened just last year, and the company was working on a Cleveland store when news broke of its bankruptcy.
Whether Seasons is looking for a buyer or is in the process of closing its stores has yet to be determined, but speculation is swirling after reports have surfaced that its outposts’ shelves are empty and order deliveries are not being made, the news source explained.
Is the retailer’s struggle to survive a bad sign for small grocers? Deli Market News will keep you updated with the latest industry happenings.