The Seasons supermarket chain of nine stores, including Central Avenue in Lawrence, New York, filed for bankruptcy protection according to court papers available online on Monday. Company executives say most of the stores, including the one on Central and the popular Seasons Express on Doughty Boulevard in Lawrence, will remain open.
The chain has run up $42 million of debt and owes a great deal of that money to suppliers and vendors. The popular Mechy’s takeout in Seasons of Lawrence and Queens is owed over $200,000 and Shloimys Bake Shop, the bakery vendor at Seasons in Lawrence, is owed over $300,000.
Other vendors owed large sums include Quality Glatt Corp, $1.3 million, Raskin’s Fish Co, $149,000, and Kenover Marketing Corp, $340,000. Most of the $42 million owed is to banks including $8.8 million to Bank United of Melville, New York.
Following the filing of the bankruptcy petition, the management of the financial dealing of the stores is now being run by a Chief Restructuring Officer (CRO), who will pay vendors and attempt to pay off old debt over the next two years.
The company was bought in 2010 from SuperSol owner Laurence Garber and subsequently added stores in Lakewood, New Jersey, and Baltimore. The Cleveland store has yet to open, although according to company executives at Seasons, the Klein family of Cleveland has put together four new investors to breathe financial life into that store.
According to company insiders and others in the food business, the hope is the stores will be restocked and restored and will continue to serve the kosher consuming public.