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Aug. 24, 2020, 2:08 p.m. EDT

Kings Food Market and Balducci's parent files for bankruptcy

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By Tonya Garcia

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.

/zigman2/quotes/207374728/composite
US : U.S.: NYSE
$ 144.19
-0.52 -0.36%
Volume: 1.72M
Oct. 19, 2020 11:46a
P/E Ratio
22.95
Dividend Yield
1.50%
Market Cap
$410.07 billion
Rev. per Employee
$223,654
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/zigman2/quotes/207799045/composite
US : U.S.: NYSE
$ 165.87
+0.95 +0.58%
Volume: 764,106
Oct. 19, 2020 11:46a
P/E Ratio
23.95
Dividend Yield
1.64%
Market Cap
$82.56 billion
Rev. per Employee
$209,322
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/zigman2/quotes/203668982/composite
US : U.S.: NYSE
$ 41.03
-0.20 -0.49%
Volume: 392,626
Oct. 19, 2020 11:47a
P/E Ratio
18.98
Dividend Yield
N/A
Market Cap
$5.69 billion
Rev. per Employee
$493,020
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/zigman2/quotes/203710464/composite
US : U.S.: NYSE
$ 7.12
+0.27 +3.94%
Volume: 206,610
Oct. 19, 2020 11:46a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$120.16 million
Rev. per Employee
$284,934
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