Two Former Larry's Markets to Be Converted to Outdoor Retail Chain Stores
SEATTLE -- Regional outdoor and sporting goods chain G.I. Joe's, based in Wilsonville, Ore., plans to open two new locations at the site of former community-based independent Larry's Markets in Bellevue and Kirkland, Wash.
Growing competition and poor financial performance forced Larry's to put itself up for sale earlier. It filed for Chapter 11 bankruptcy protection in May with more than $21 million in debt.
Food Markets Northwest, which owns and operates five upscale Metropolitan Market supermarkets in Seattle and Tacoma, Wash. picked up three Larry's Markets after outbidding former Raley's c.e.o. Michael Teel, whose LM Acquisition Partners, LLC tried to purchase five of the stores.
Larry's is still trying to sell its three remaining stores.
Growing competition and poor financial performance forced Larry's to put itself up for sale earlier. It filed for Chapter 11 bankruptcy protection in May with more than $21 million in debt.
Food Markets Northwest, which owns and operates five upscale Metropolitan Market supermarkets in Seattle and Tacoma, Wash. picked up three Larry's Markets after outbidding former Raley's c.e.o. Michael Teel, whose LM Acquisition Partners, LLC tried to purchase five of the stores.
Larry's is still trying to sell its three remaining stores.