Louie’s Files for Bankruptcy
After just over a year of operation at their new location in Calumet, Louie’s Supermarket has filed for Chapter 11 bankruptcy in federal court. The filing allows the company, which operates grocery stores in Lake Linden and Calumet and an additional hardware store in Lake Linden as well as other operations, to remain open as the company attempts to restructure its debt. This means currently no layoffs are expected with a workforce of over 100 people. According to the filing, the companies owe over 170 creditors close to $12.5 million with assests close to $3.5 million. According to the company’s attorney Dane Bays, the filing was a neccesary move and the plan is to comeback stronger than before.
The bankruptcy was filed this past Tuesday in U.S. Bankruptcy Court in Marquette.