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The grocery chain Fresh and Easy Neighborhood Market Inc., filed for Chapter 11 bankruptcy in order to sell itself at auction with an affiliate of billionaire Ron Burkle’s Yacaipa Cos. as the lead bidder. Fresh and Easy is a subsidiary of Britain’s Tesco and is Britain’s largest supermarket chain.
Fresh and Easy was looking to enter the U.S. with hopes of competing with U.S. food retailers. Unfortunately, Fresh and Easy entered the U.S. southwest as the regions real estate market and economy began to cool in 2008. The company now has a debt of as much as $1 billion and assets of as much as $500 million. Under the proposed deal, a Tesco affiliate will loan the Yucaipa affiliate $120 million to help fund the takeover.
Owners of businesses are always on the lookout for growth opportunities for their companies, but business growth can put a strain on a company’s cash flow and assets. A poorly timed investment can make it difficult or impossible for a business to cover operating expenses and pay creditors. In this case, Fresh and Easy built the chain quickly and the leases were substantially higher than the market price. The rapid expansion ended up costing them greatly when the real estate market dropped.
A commercial bankruptcy offers a business the opportunity to continue to operate while it reorganizes itself under the protection of the bankruptcy court through a Chapter 11 business bankruptcy. Fortunately, Fresh and Easy can cancel unwanted leases easier in bankruptcy court rather than outside of court protection.
Read more about our bankruptcy services…
Why should you hire our firm to represent you in bankruptcy?
Great question. Here are a few reasons:
- 1. Bankruptcy is our sole area of practice. Attorney Wright has over 10 years of experience in the field of bankruptcy and has helped over 1000 people successfully file.
- 2. Attorney Wright has an accounting background that is useful in analyzing complex financial documents. Prior to law school he obtained a degree in accounting from the University of Wisconsin School of Business. He exercised his strong numerical aptitude in the field of accounting, including several years with The Kohler Co., before ultimately deciding to pursue a law degree.
- 3. New clients meet with an attorney during their first visit. We understand your time is valuable. It is important your questions are answered quickly and accurately so you can take appropriate steps to secure a better financial future and eliminate fear and stress.
4. In business, referrals are the highest form of professional compliment. We frequently receive referrals from other lawyers and previous clients.
- 5. Our firm is small which enables us to focus on quality over quantity. We don’t have billboards on the I-10 or banners affixed to public transportation. Our approach is a bit more understated. We care about people and doing things right and it shows in our low employee turnover and positive reviews.
- 6. Perhaps the most important consideration is the cost of filing bankruptcy. We continuously assess our fees to ensure we offer fair and competitive pricing. We want to offer you a deal without sacrificing the quality of your experience.
Ways we can help…
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Scottsdale AZ 85251
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Tempe AZ 85258
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12725 W Indian School Rd, Suite E-101
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What our clients are saying…
Mr. Wright and his staff were amazing. They made a negative situation a lot better and turned it into a positive. Could really tell they care helping people and I will refer their Phoenix Bankruptcy Attorney firm to friends and family. Thanks again.
I called around looking for the right bankruptcy lawyer and came across Benjamin Wright. He personally called me for the consultation seeing how I live in Kingman AZ. He was very helpful from the start and his staff was very friendly and explained any questions I had, sorry for all the questions. I would definitely recommend Wright law offices, and I do!! Thanks for everything, you made what seemed like a hard thing to do simple!! You guys rock!!!
Great lawyer, he really helped my mother out of a jam. She was totally new to bankruptcy and he talked with us for about an hour and a half to make sure she wouldn’t be worried.
Ben is a kind and down to earth attorney. He worked around my busy schedule as a single mom (school, full-time job, and daycare pick up and drop off times). He explained absolutely everything to me and was good about e-mailing. I am writing this review as a THANK YOU.
I had a very positive experience with Attorney Wright. He or his staff returned my e-mails and calls promptly (even after business hours occasionally). His fees were reasonable. He was patient with me when I showed up in court missing an important document. He is aggressive, but fair and nice.