Gordy’s up for bid

FOR SALE –– Despite notice from receiver Michael Polsky, director of BCBP Attorneys, to sell all 26 Gordy’s locations, Gordy’s store in Cornell is still up and running with a new stock of supplies Sept. 12. According to Chippewa County court documents, bids will be accepted until 5 p.m., Sept. 14, to sell the stores. If no bids are received prior to deadline, an auction will take place Sept. 25, at 10 a.m., in Milwaukee for the remaining lots. (Photo by Monique Westaby)

After Nash-Finch Company, a Minnesota-based food supplier, filed an $86 million lawsuit against Gordy’s Market July 17, the family-owned grocery stores were left to appoint a financial receiver to manage the business and settle their debts.

According to the lawsuit, Nash-Finch claims Gordy’s is “insolvent or in imminent danger of insolvency,” meaning the business owes more than they are worth.

It was reported that Nash-Finch entered an agreement in December 2015 with Gordy’s to advance over $41 million to refinance debt obligations. In May 2016, another advancement was made to the Gordy’s Hayward location to purchase inventory.

See Thursday, Sept. 14, 2017, issue of the Courier Sentinel for more on this story. Newspapers can be purchased at our Cadott office or Cornell office.

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