VPC Finances Mi Pueblo Chapter 11 Restructuring
Mi Pueblo Foods, a San Jose-based family-grown Hispanic grocery chain, announced its formal emergence from Chapter 11 reorganization after having completed a necessary financial restructuring.
Mi Pueblo received $56 million in financing from Chicago-based investment firm Victory Park Capital as part of the financial restructuring.
Since filing for Chapter 11 in July 2013, Mi Pueblo has sustained its business operations in Northern California by continuing to provide the community with authentic Hispanic grocery products.
The company also shared new leadership changes, with Javier Ramirez being appointed to the position of president and CEO. Ramirez will succeed Mi Pueblo founder Juvenal Chavez, who will be named chairman of the board.
Ramirez is an experienced CEO in the Hispanic food and grocery sector. With nearly 20 years of experience, he will lead Mi Pueblo as it repositions its business and renews its commitment to the local Hispanic community.
“We have been a part of our communities since 1991, and thanks to the loyalty and support of our colaboradores, vendors and customers during this difficult period, we can say that today marks the beginning of a bright, new chapter for Mi Pueblo,” said Ramirez.
As part of Ramirez’s post-Bankruptcy plan, he will be focusing his efforts towards enhancing the company’s authentic Hispanic product offering, improving customer service levels within Mi Pueblo’s stores and ensuring Mi Pueblo’s products are sold at fair and competitive prices in the marketplace.
“We also plan to share in our future successes by reinvesting in the communities we are fortunate enough to serve,” continued Ramirez. “In the near future, we will be introducing several new employee benefit programs for our colaboradores as well as several new initiatives focused on supporting our local communities.”