Michael’s Market Inc., which includes six stores in the Chicago metropolitan area, has filed for Chapter 11 bankruptcy protection and is blaming its lender, Premier Bank of Wilmette, for its woes citing regulatory problems at the bank.
In bankruptcy documents, Michael’s Market Inc. said nearly all of the stores are profitable, have significant customer bases and that the stores have averaged more than $50 million in annual revenue for 2009 through 2011.
The stores included in the bankruptcy filing are Harvey Fresh Market in Harvey, Michael’s Fresh Market stores in Naperville and Chicago; North Avenue Fresh Market in Oak Park; Cermak Produce in Chicago and Mayfair Market in Chicago.
The stores expect to successfully reorganize, said Forrest Lammiman, an attorney at Meltzer, Purtill & Stelle LLC, which is representing the grocer.
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