MILWAUKEE (WKBT) - Several underperforming Gordy's Market stores in western Wisconsin are closing, effective immediately, as a part of an agreement between the grocer and its supplier.
The stores closing are in Richland Center, Spencer and Stanley. News 8 did confirm verbally that the La Crosse store will remain open.
The agreement between Gordy's Market and its supplier is to have a receiver appointed to strategically improve the financial outlook for the chain, allow it flexibility to meet its financial obligations and to operate more successfully in the highly competitive grocery industry, according to a news release.
The nominated receiver is Milwaukee attorney Michael S. Polsky of Beck, Chaet, Bamberger & Polsky.
“The grocery industry is changing at an incredible pace, and in Wisconsin and across the nation, small, family-owned chains like Gordy’s are finding it much harder to compete,” Polsky said. “This receivership is intended to keep the company on course to preserve and strengthen its core business and continue to serve its primary communities.”
Jeff Schafer, president of Gordy’s Market, said the company is working to return to its roots and operate a smaller organization.
“Our family is proud to have served Northwestern Wisconsin for 51 years, and we look forward to continuing to do so,” Schafer said. “While some challenges lie ahead, we believe receivership allows us to continue to operate as best as possible while we put the company in a stronger fiscal position for the future. This move is in the best interests of our business, our customers, our vendors and our communities.”
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