CHANDLER, Ariz. — Bashas' here has posted a $1.5 million cash surety bond with the U.S. Department of Agriculture to obtain a license to sell produce — a requirement for a company following a bankruptcy under regulations of the Perishable Agricultural Commodities Act.
The USDA said it will hold the bond for three years, providing assurances to the produce industry that the retailer will be able to pay for merchandise purchased and to conduct business according to PACA rules.
Bashas' emerged last September from nearly 14 months operating under Chapter 11 bankruptcy protection.