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SAN ANTONIO, Texas - The former parent company of Handy Andy Supermarkets has filed for bankruptcy to protect itself from ongoing lawsuits and claims tied to the grocery store chain, the San Antonio Express-News reports.
H.A. Assets Inc. filed Chapter 7 bankruptcy last week to wipe out about $18.1 million in debt and unpaid taxes to 1,543 creditors and government agencies, the newspaper reports.
H.A. Assets owned Handy Andy Supermarkets until Houston-based Grocers Supply Co. Inc. took the stores in November 2000 after H.A. Assets defaulted on a $12 million loan. Bexar County Markets Inc. now runs the grocery store chain.
H.A. Assets claims in its filing that it has had no assets since Grocers Supply Co. foreclosed on the property. The filing shows that Grocers Supply Co. is still its largest debtor with $4.9 million owed.
Frank "Pancho" Sepulveda, chairman of H.A. Assets, first bought the troubled chain in 1982 after owners filed the first of the chain's three bankruptcies, the newspaper reports. He sold the chain in 1994 but then bought it back three years later when Arizona-based Megafoods Stores Inc. sold holdings in a Chapter 11 bankruptcy reorganization.