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Hispanic grocery chain Mi Pueblo Foods has unveiled its formal emergence from its Chapter 11 filing in July of last year, having completed its necessary financial restructuring.
As Mi Pueblo looks to regain its footing, the company also has appointed Javier Ramirez president/CEO, who will succeed Mi Pueblo founder Juvenal Chavez, who has been named chairman of the board.
An experienced leader in the Hispanic food and grocery sector, Ramirez will focus his efforts on enhancing the company's product offerings, improving customer service and retaining competitive prices.
"We have already started to implement aggressive initiatives designed to reposition Mi Pueblo as a profitable entity and as a strong contributor to our local Hispanic communities," Ramirez said. "We are confidently looking forward to this new stage in the company’s history and I personally am honored to join and support Mi Pueblo’s incredible team of professionals.”
Ramirez added that the company plans to introduce new employee benefit programs, as well as a series of initiatives designed to support the local communities.
Mi Pueblo received $56 million in financing from Chicago-based investment firm Victory Park Capital (VPC) as part of the financial restructuring. "VPC will provide Mi Pueblo with the financial strength and strategic guidance required to rapidly improve its operations and navigate the competitive grocery landscape," the grocer said in a statement.
Since the company's Chapter 11 filing, San Jose, Calif.-based Mi Pueblo has retained its business operations in Northern California. The company operates 21 stores in the Bay Area, Monterey Peninsula and Central Valley.