Bashas’ will emerge from Chapter 11 bankruptcy as a leaner and more profitable company than it was only a year ago, when the company originally filed for bankruptcy protection on July 12th 2009. What’s more, the Basha family of Arizona will still maintain control of the company, the company’s famed and beloved Western art collection will remain intact, and with 8,500 people still on the payroll, the company remains one of Arizona’s largest employers.
How did Bashas’ get here?
After low sales, a shortage of working capital, and a drawn out battle with the United Food and Commercial Workers Union, Bashas’ was called “dysfunctional” in early bankruptcy court hearings. Chapter 11 bankruptcy protection allowed Bashas’ to negotiate a truce with the union, close several unprofitable locations, renegotiate store leases, and trim payroll and other operating expenses.
The company also revitalized its marketing efforts, enacted strict cost-control measures, and cut a wide swath through middle management. All the changes have left Bashas’ lean and even profitable – the company expects to report over $20 million in profits for 2010.
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