Chicago’s Treasure Island Begins Going-Out-of-Business Sales
Treasure Island, the chain of independent grocery stores that has been a Chicago staple for 55 years, abruptly announced that it is closing, with going-out-of-businesses sales taking place at its six remaining locations; one location closed in September.
"As you have recently found out, we made the very difficult decision to wind down operations as a company," Treasure Island CEO and President Maria Kamberos said in a note sent to workers on Wednesday that was reported in local news outlets. "We have done everything we could to attempt to get the company on solid ground to try to operate for another 55 year. Unfortunately, given the current industry conditions, it has been impossible for us to continue to operate without losing money."
Christ Kamberos Sr. and his brothers opened the first Treasure Island in 1963 on Chicago’s north side. The independent grocer soon developed a name for high quality products and taking a chance on new innovations in the grocery industry.
A new report noted that Julia Child once noted that the store was “America’s most European supermarket.” Treasure Island was named one of the top independent grocers in the country by Progressive Grocer, which recognized it for its produce.
The company’s closing, which reportedly will occur Oct. 12, will leave 700 employees out of work.