Struggling grocery store chain Marsh announced that it has filed for chapter 11 bankruptcy, the IndyStar reported yesterday. According to a company press release, the filing is a step the company is taking to allow business to continue as usual in its 44 remaining stores. However, the 86-year-old chain's remaining stores still face closure in two months if company officials can't find a buyer. The company has retained Peter J. Solomon Co. as the investment bank to market its assets. In its bankruptcy filing, Marsh says its property needs immediate action because "it includes perishable goods or assets that could quickly deteriorate or lose value without attention," including meat, dairy and produce. The company estimated it has up to 49 creditors, estimated assets of up to $50,000 — the smallest amount that could be checked on the bankruptcy filing — and liabilities of $50 million to $100 million.
