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ALBANY, Calif. -- Community-based independent Andronico's Market here has secured a line of credit from its bank, which it will use to help stabilize its finances and reinvest in its stores.
The grocery chain closed two stores and a distribution facility last year because of slipping sales. The closings, in addition to operational enhancements, helped restore Andronico's to profitability.
According to published reports, the retailer plans to use its multimillion-dollar revolving credit from Bank of the West to help finance a $15 million remodeling project at its eight Bay Area stores, said president and c.e.o. Bill Andronico.
With its new bank credit line, Andronico said, the chain will have the ability to move forward with its remodeling plan for the next five years.