ORLANDO-Gooding's Supermarkets Inc., the first supermarket stocking gourmet foods in Central Florida in 1964, has voluntarily filed for reorganization under Chapter 11 of the US Bankruptcy Code. The 42-year-old retailer listed liabilities of $10.2 million and gross revenue of $22 million for its fiscal year ended Nov. 30, 2005 in its petition filed Dec. 30 in US Bankruptcy Court, Orlando.
Most of Gooding's debt came from the opening of its 39,000-sf store at 29 Blake Blvd. in suburban Celebration, the city Walt Disney World Co. developed 10 years ago, according to the petition filed by Gooding's lawyer, R. Scott Shuker. Gooding's incurred about $4 million in debt directly related to the Celebration store, the petition states. The store opened in August and closed in October.
Gooding's two other stores in Lake Buena Vista and on International Drive in Orlando remain open. The company's catering business is also operating. Gooding's is asking the court to allow it to operate its businesses as a debtor-in-possession until its reorganization plan can be filed later with the court, according to the petition. Gooding's president Russell Dorek couldn't be reached for comment by GlobeSt.com's publication deadline.
The late James Gooding and his family founded Gooding's Supermarkets Inc. in 1964. They grew the business to 18 stores by 1990. Gooding's became the first area supermarket in Central Florida to offer 24-hour shopping. A few years later, however, the family-operated chain was down to 12 stores and by 2000 had sold nine of the 12 locations to Jacksonville-based Winn-Dixie Stores Inc., according to GlobeSt.com research. Winn-Dixie is also undergoing Chapter 11 bankruptcy reorganization, as GlobeSt.com previously reported.
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