Bruno's stores file for bankruptcy reorganization


Birmingham-based Bruno's Supermarkets is filing for bankruptcy.

A statement issued by the company on Thursday said it was reorganizing under Chapter 11 bankruptcy laws.

The grocery chain said Thursday it plans to continue operating without interruption. It said chief executive Kent Moore has resigned and is being replaced by Jim Grady, a senior director with corporate turnaround firm Alvarez & Marsal.

The statement said Bruno's is struggling because of tight credit markets and tough times for retailers, but it has enough cash to pay its normal obligations. It is negotiating a financing package to improve its standing.

Bruno's Supermarkets operates 66 Bruno's and Food World stores in Alabama and the Florida Panhandle.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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