In August, the future looked bleak for 82-year-old Bay Area institution Andronico's Community Markets when the owners filed for bankruptcy, citing $10-50 million worth of debt. But as of Thursday, with a little help from new owner Renwood Opportunities Fund, the company is officially clear of Chapter 11, according to SFGate.
According to Berkeleyside, Renwood Opportunities Fund, a partnership between Rosewood Private Investments and Renovo Capital, acquired Andronico's for $16 million. The company intends to "improve the stores' inventory and infrastructure, and to build upon the company's brand in the market," said Andronico's spokesperson Adam Alberti to SFGate.
In the same move, Renwood Opportunities Fund also saved A.G. Ferrari Foods -– a Bay-Area based Italian fine food importer that has been in business for nearly 100 years.
In sum, Bay Area fine food lovers can add a new muse to the list of Bay Area culinary obsessions: Renwood Opportunities Fund.