Seasons Kosher Supermarkets, with locations in Westchester, Queens, Long Island, New Jersey and Maryland, has voluntarily filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
Through the restructuring process, Seasons intends to emerge from Chapter 11 with a deleveraged balance sheet, enough cash to fund operations going forward and a renewed focus on our customers and employees.
“In order to preserve and strengthen our ability to serve the local Seasons Family’s needs, we are focusing on emerging from the Chapter 11 filing with a stronger balance sheet and to fully restore operations” said Mayer Gold, CEO of Seasons.
“Through a commitment of up to $6 million in private funding we will be able to fully stock the shelves, fulfill current vendor obligations and continue to operate normally during the restructuring period. There is nothing we love more than providing Seasons’ family with the warmest kosher shopping experience, and we look forward to refocusing on that singular goal,” Gold said.
Seasons expects the $6 million in financing from SKNY LLC, will provide more than adequate funding to keep stores open, quickly restock the shelves, pay current vendor obligations and fund operations through the restructuring period.
“With several parties already interested in investing in the company, Seasons anticipates a relatively short reorganization process and bright future as we continue to serve our neighborhoods,” a press release from the company said.