Like a lot of other Arizonans, I’ve been following the Chapter 11 Bankruptcy of Bashas’ supermarkets as it has unfolded over the last several months. As an Arizona icon and one of the state’s largest employers, the fate of Bashas’ is of interest to many Arizonans. What I have been most impressed with is the excellent example Bashas’ has set with its successful use of chapter 11 bankruptcy to turn the business around. I am not the only one who noticed.
Since its founding in 1932, the company has been an active supporter of the community, donating money and providing sponsorships among much other good work. Their generosity did not go unnoticed. During the year long period when Bashas’ was reorganizing under chapter 11 bankruptcy, many Arizona residents went out of their way to show their support of Bashas’ by continuing to shop there. Most customers said they appreciated Bashas’ commitment to the community and their contribution to the Arizona economy.
Many observers believe it’s pretty remarkable how quickly Bashas’ was able to turn the business around once they filed for chapter 11 bankruptcy protection. This is just a great example of the bankruptcy system at work – helping to save a local business and many jobs in the local economy.
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