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JASPER, Ind. -- Buehler Foods Inc., which owns more than 60 grocery stores in five states under the Buehler's Market and Buy*Low banners, filed for bankruptcy protection, Wednesday at the U.S. Bankruptcy Court in Evansville, Ind.
Financial fallout from unanticipated delays in assuming control of 16 Winn-Dixie grocery stores the company bought last year led to the decision to seek bankruptcy protection, according to reports. David Buehler, Buehler's c.e.o., was quoted saying that significant financial losses brought on by The Winn-Dixie delays resulted in unanticipated revenue losses of more than $7 million.
According to the retailer's bankruptcy petition, it owes between $50 and $200 million to more than 200 creditors, the top 20 of which include Frito-Lay, Inc., Nabisco Brands, Pepsi-Cola, Coca-Cola, and Kraft.
Under its Chapter 11 bankruptcy filing, Buehler will continue operating its stores in Indiana, Illinois, Kentucky, North Carolina, and Virginia as it tries to reorganize.
Buehler said he expects the company's debt restructuring to be completed by the year's end and the company should emerge strong and vibrant when it comes out of court.