Food retailer Grocer Carter's Inc has closed its 14 Michigan stores and filed for Chapter 7 bankruptcy. With total debt of more than $20 million to as many as 2,000 creditors, Carter's intends to liquidate, selling assets and distributing proceeds among creditors.
Creditors have already begun legal proceedings against Carter's. The grocer's chief supplier, Minneapolis MN-based Nash Finch Co, has stopped shipping to Carter's stores.
Carter's also owes almost $1 million to J A Besteman Co, a Grand Rapids MI-based produce wholesaler.