Seasons Kosher Supermarket Files for Bankruptcy
QUEENS, NY - With $42 million worth of debt, New York-based Seasons, a kosher grocery store chain, has filed for bankruptcy.
According to the Commercial Observer, the retailer has $5 million in assets, but it owes millions of dollars to its vendors, landlords, and banks. These findings, the news source relays, were communicated in a Chapter 11 filing obtained by the Nationwide Research Company.
The retailer has locations at 661 Amsterdam Avenue, which lies between West 92nd and West 93rd Streets, and 68-18 Main Street in Flushing, Queens. Another six locations are strewn throughout New York State, New Jersey, and Maryland.
The news source shares that the CEO Mayer Gold couldn’t be reached for comment, and Co-Owner Zvi Bloom directed calls to business management consultant Joel Getzler, who didn’t respond to inquiries.
The Flushing, Queens, location—the chain’s flagship—was opened in 2010 by Gold, and as of September 17th, the phone line was disconnected. Over the years, the retailer introduced supermarkets in Scarsdale, NY; Lakewood, NJ; Clifton, NJ; and two in Lawrence, NY.
The Baltimore, Maryland, location opened just last year, and the company was working on a Cleveland store when news broke of its bankruptcy.
Whether Seasons is looking for a buyer or is in the process of closing its stores has yet to be determined, but speculation is swirling after reports have surfaced that its outposts’ shelves are empty and order deliveries are not being made, the news source explains.
“Seasons has revolutionized the kosher shopping experience, and we look forward to serving the neighborhood and the kosher consumer for many years to come,” Gold said last month in a statement to Nassau Herald.
Is the retailer’s struggle to survive amidst an increasingly competitive market a sign that there is more trouble ahead for small grocers across the map? AndNowUknow will keep you updated with the latest industry happenings.