SAN FRANCISCO — Andronico's Community Markets here said Friday it has sold its assets to an affiliate of Renovo Capital for $16 million, ending the Chapter 11 bankruptcy it filed in August.
The company said the sale will allow the six remaining Andronico's stores to continue to operate, with Renovo committed to investing in the stores' physical infrastructure to update the facilities and enable them to improve the quality of service.
Key members of Andronico's executive management team, including president and chief executive officer Bill Andronico, will be retained to manage the company.
According to Andronico, grandson of the chain's founder, "I am pleased Renovo Capital's purchase will allow us to improve our standing in the market and build on the strong brand my family has built over three generations."
Scott Lavie, a principal executive with Renovo, said, "The acquisition of the Andronico's brand was based on its market cachet, and in combination with Renovo's ability to invest in the stores and employees, we want to ensure Andronico's continues its commitment to excellence and delivering value to customers for generations to come."