Choice Market’s former 1737 E. Evans Ave. location. (Courtesy of Choice Market)
The grocery chain Choice Market and two of its stores have filed for Chapter 11 bankruptcy.
Choice launched in 2017 and markets itself as a natural grocer combined with a fast-casual restaurant. It operates stores on Bannock in the Golden Triangle and along Broadway in Uptown, plus automated mini-marts, and plans to open at 3463 Walnut St. in RiNo.
On Monday, the company and its two full-size stores sought bankruptcy protection.
“We have a lot of faith that we will navigate through this period and come out the other side a stronger company with a lot of growth prospects,” CEO Mike Fogarty said last week.
Choice Market Holdings owes $1.9 million to its 20 largest creditors. The company may have more than 20 but was only required to list its top 20 in this week’s paperwork. Choice did not list its assets but values them at $1 million to $10 million, according to its bankruptcy filings.
The Bannock store owes $430,000 to its 20 largest creditors and has assets valued at less than $50,000, it told the U.S. Bankruptcy Court. Choice’s location in Uptown owes $318,000 to its 20 top creditors and has assets of $500,000 to $1 million, the company said.
The bankruptcy comes at a time when Choice is selling the site of a former store at 2200 E. Colfax Ave. That building was recently listed with a $3.6 million asking price. Choice and St. Charles Town Co., a Denver real estate firm, bought it in 2018 for $1.45 million.
Choice Market’s shuttered location at 2200 E. Colfax Ave. is for sale. (Justin Wingerter/BusinessDen)
“Through this process, we will find out what stores we plan to keep and what stores we might move on from and part of that will be selling the Colfax real estate and maybe the business there,” Fogarty said last week. “We are evaluating a couple different options.”
The Colfax location closed this spring following an uptick in theft and vagrancy, Fogarty said.
Last year, Choice closed a store at 1737 E. Evans Ave. Its former landlord there is owed $117,000 from Choice Market Holdings, according to this week’s bankruptcy filings. Its current Golden Triangle landlord, Parq on Speer, is owed $111,000 from the Choice store there.
Ampla, a lender in New York, is owed $685,000, making it Choice’s largest creditor. Others include the U.S. Small Business Administration ($500,000), food distributor KeHE ($241,000), law firm Holland & Hart ($130,000) and several vendors. The Colorado Department of Revenue is owed $25,000 and the Denver Department of Revenue is owed $16,000.
Choice’s bankruptcy lawyer is Jeffrey Brinen with Kutner Brinen Dickey Riley in Denver.
Choice Market’s former 1737 E. Evans Ave. location. (Courtesy of Choice Market)
The grocery chain Choice Market and two of its stores have filed for Chapter 11 bankruptcy.
Choice launched in 2017 and markets itself as a natural grocer combined with a fast-casual restaurant. It operates stores on Bannock in the Golden Triangle and along Broadway in Uptown, plus automated mini-marts, and plans to open at 3463 Walnut St. in RiNo.
On Monday, the company and its two full-size stores sought bankruptcy protection.
“We have a lot of faith that we will navigate through this period and come out the other side a stronger company with a lot of growth prospects,” CEO Mike Fogarty said last week.
Choice Market Holdings owes $1.9 million to its 20 largest creditors. The company may have more than 20 but was only required to list its top 20 in this week’s paperwork. Choice did not list its assets but values them at $1 million to $10 million, according to its bankruptcy filings.
The Bannock store owes $430,000 to its 20 largest creditors and has assets valued at less than $50,000, it told the U.S. Bankruptcy Court. Choice’s location in Uptown owes $318,000 to its 20 top creditors and has assets of $500,000 to $1 million, the company said.
The bankruptcy comes at a time when Choice is selling the site of a former store at 2200 E. Colfax Ave. That building was recently listed with a $3.6 million asking price. Choice and St. Charles Town Co., a Denver real estate firm, bought it in 2018 for $1.45 million.
Choice Market’s shuttered location at 2200 E. Colfax Ave. is for sale. (Justin Wingerter/BusinessDen)
“Through this process, we will find out what stores we plan to keep and what stores we might move on from and part of that will be selling the Colfax real estate and maybe the business there,” Fogarty said last week. “We are evaluating a couple different options.”
The Colfax location closed this spring following an uptick in theft and vagrancy, Fogarty said.
Last year, Choice closed a store at 1737 E. Evans Ave. Its former landlord there is owed $117,000 from Choice Market Holdings, according to this week’s bankruptcy filings. Its current Golden Triangle landlord, Parq on Speer, is owed $111,000 from the Choice store there.
Ampla, a lender in New York, is owed $685,000, making it Choice’s largest creditor. Others include the U.S. Small Business Administration ($500,000), food distributor KeHE ($241,000), law firm Holland & Hart ($130,000) and several vendors. The Colorado Department of Revenue is owed $25,000 and the Denver Department of Revenue is owed $16,000.
Choice’s bankruptcy lawyer is Jeffrey Brinen with Kutner Brinen Dickey Riley in Denver.
