C&K Market Files for Chapter 11
Brookings-based regional independent grocer C&K Market, which operates 60 grocery stores under the banners of Ray’s Food Place, Shop Smart and LoBuck$, has filed for Chapter 11 bankruptcy protection to address legacy costs, sell or close underperforming stores and resolve debt issues.
According to published reports, C&K President Gregory L. Sandeno said it will close or sell about one-third of its stores, and that the restructuring of the company may include a cut of 20 percent of its workforce.
As it reorganizes, C&K will continue to operate in the ordinary course of business during the bankruptcy, company officials said.
The grocer last month dropped its pharmacy business to focus more on “its core business of operating community grocery stores,” Sandeno said.