Moo & Oink Squealing for an Investor
By Chuck Sudo in Food on Aug 11, 2011 7:30PM
Like a lot of businesses Moo & Oink has been struggling in this economy, probably worse than other grocery stores. According to the Austin Weekly News, Moo & Oink is facing liquidation if they can't find someone to buy their stores on the South and West Sides.
In an Aug. 2 letter to Moo & Oink's creditors, company-appointed trustee Steven Nerger wrote the company would look to sell off its assets "as soon as possible" due to a combination of the struggling economy and sluggish sales.
"I expect to operate the three retail stores for a limited period of time while I attempt to sell the business," Nerger wrote in the letter. "However, if a sale cannot be completed, I will liquidate the inventory and sell the equipment and intangibles as soon as reasonably possible."
Moo & Oink reported a combined loss of $2.7 million in 2009 and 2010, and are running at a loss of $713,000 through June. The company lists assets of $6.1 million against liabilities of $10.1 million, forcing the company to delay payments to vendors.
We'd be sad to see Moo & Oink go the way of A&P, if only because we would no longer hear their commercials on WCIU.