Gordy’s up for bid
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.