KB US Holdings, the owner of Kings Food Markets and Balducci's, has filed for bankruptcy.
KB US Holdings, the parent company of the two supermarket chains, said in court papers that the pandemic-fueled sales boost has provided "a brief respite from its liquidity challenges." "Accordingly, it is more critical than ever for the Debtors to execute their sale strategy expeditiously and continue as a going concern to save jobs and supply their communities with necessary good," the company said.
They know bankruptcy will erase all debt and liabilities! After that, they can restart their business as if nothing happened! One of the greatest loopholes for filing bankruptcy!
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