OAKLAND — Andronico's, one of the Bay Area's first family-owned upscale supermarket chains, filed for Chapter 11 bankruptcy Monday after struggling with enormous debt.
The company is negotiating to be taken over by Renovo Capital LLC. The venture capital group could close the deal within 60 days, said Bill Andronico, CEO of the 82-year-old company. In the meantime, Andronico is trying to preserve jobs for more than 400 employees working in its seven stores and in the chain's Berkeley headquarters.
Andronico said if the deal goes through with Renovo, customers can expect to see a fully stocked market almost immediately. In addition, he said, stores will start getting makeovers at the beginning of next year.
The paperwork was filed in the Oakland division of the U.S. Bankruptcy Court. Andronico called the company's proposal for reorganization bittersweet.
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