Pallios Bros. Selling Two Richland Markets; Fate of Others Unclear
CERES, Calif. -- Pallios Bros., Inc., operating company of family-owned Richland Markets, said late last week that it was selling at least two of its stores, leaving the fate of the five remaining stores in its chain uncertain, according to press reports. Notices of the impending sales were sent to workers' homes, the company said in a statement.
One store in Modesto has already been sold, with the deal currently in escrow. That store will shut its doors in late April or early May, according to the company. Pallios Bros., Inc. has so far declined to identify the buyer. A second Modesto store is currently up for sale.
As well as two additional stores in Modesto, the chain has locations in Ceres, Turlock, and Oakdale, Calif. In its statement the company attributed its actions to "estate planning concerns of the Pallios families."
"As a company, we haven't concluded our final plans regarding those five stores," secretary/treasurer George Pallios told the Modesto Bee. "At this point, the stores remain operating as they have been in the past." When contacted by Progressive Grocer, Pallios had no additional comment.
Brothers John and Gus Pallios founded Richland Markets on Richland Ave. in Ceres in 1951. In 1955 another brother, George, joined the business. The first store, which closed in 1967, occupied a 950-square-foot building. The Oakdale store, which opened in 2001, is, at 45,000 square feet, the largest in the chain. In 1997 the Pallios brothers began ceding control of the company to their children.
One store in Modesto has already been sold, with the deal currently in escrow. That store will shut its doors in late April or early May, according to the company. Pallios Bros., Inc. has so far declined to identify the buyer. A second Modesto store is currently up for sale.
As well as two additional stores in Modesto, the chain has locations in Ceres, Turlock, and Oakdale, Calif. In its statement the company attributed its actions to "estate planning concerns of the Pallios families."
"As a company, we haven't concluded our final plans regarding those five stores," secretary/treasurer George Pallios told the Modesto Bee. "At this point, the stores remain operating as they have been in the past." When contacted by Progressive Grocer, Pallios had no additional comment.
Brothers John and Gus Pallios founded Richland Markets on Richland Ave. in Ceres in 1951. In 1955 another brother, George, joined the business. The first store, which closed in 1967, occupied a 950-square-foot building. The Oakdale store, which opened in 2001, is, at 45,000 square feet, the largest in the chain. In 1997 the Pallios brothers began ceding control of the company to their children.