KB US Holdings Inc., the parent company to Kings Food Market and Balducci's, has filed for chapter 11 bankruptcy with a $75 million offer from investment firm TLI Bedrock LLC, The Wall Street Journal reports . KB had "historically low" earnings prior to COVID-19, due to labor costs and competitive pressure. While stockpiling activity during the pandemic has been helpful, it was too little, too late for the company. KB had to default on $114 million in senior debt and put off investments in store renovations. KB's lender has given the company a $20 million loan in order for it to continue operating pending a sale. Kings Food Market was founded in 1936 as Kings Super Markets. KB purchased Balducci's in 2009. The company currently operates 25 Kings locations and 10 Balducci's stores and has more than 2,100 workers. Grocers like Walmart Inc. /zigman2/quotes/207374728/composite WMT -0.36% and Target Corp. /zigman2/quotes/207799045/composite TGT +0.58% , warehouse retailers like BJ's Wholesale Club Holdings Inc. /zigman2/quotes/203668982/composite BJ -0.49% and meal-kit company Blue Apron Holdings Inc. /zigman2/quotes/203710464/composite APRN +3.94% have all reported soaring results during the pandemic.