Ariz. group hired to help Pro's Ranch Markets
PHOENIX — Phoenix-based HG Capital Partners has been hired to help a popular Ontario, Calif.-based grocery food chain restructure after the company announced it was filing for Chapter 11 protection.
Pro's Ranch Markets, a family-owned chain of grocery stores popular with Latino customers, announced Friday it was filing for Chapter 11 but vowed not to sell or close any stores.
The chain owns seven stores in Arizona, two in New Mexico, and two in Texas.
Rick Provenzano, Pro's Ranch Markets' chief operating officer, said in a statement the filing was needed to improve the overall health of the company and to save 2,200 jobs.
He said Pro's Ranch Markets has obtained a loan commitment for $3 million to continue operations during the reorganization.
Pro's Ranch Markets was founded 31 years ago.
Copyright 2013 The Associated Press.