Moo & Oink Closes With Not So Much as a Squeal
By Chuck Sudo in Food on Oct 1, 2011 3:00PM
Moo & Oink, the supermarket chain known as much for its commercials as its affordable priced meats, closed its four stores yesterday as a judge placed the company in Chapter 7 bankruptcy. With the closings, 200 employees were laid off without severance.
Moo & Oink had been around for over 150 years and the company was working furiously in recent weeks to find an investor to prevent the bankruptcy judgment. Moo & Oink had set a Sept. 7 deadline to find a buyer or begin auction proceedings.
But a group of mostly African American investors is working on rounding up the capital necessary to purchase Moo & Oink, re-employ the laid off workers and stave off an auction for creditors to recoup some of their losses.
Among the creditors is United Food and Commercial Workers Union Local 1546, which represents Moo & Oink's employees. They said they sought Chapter 7 protection because Moo & Oink owes the union's pension and welfare fund more than $3 million. Federal law requires a petition when pension funds are late.