Mi Pueblo Announces Emergence from Chapter 11, Appoints New CEO
Jun 04, 2014
Founder Juvenal Chavez Named Chairman of the Board and Javier Ramirez Named New CEO of Storied Hispanic Grocery Chain in Northern California
SAN JOSE, CA – Mi Pueblo Foods, the San Jose-based family-grown Hispanic grocery chain, announced today its formal emergence from Chapter 11 reorganization after having completed a necessary financial restructuring. As part of this announcement, the company also shared new leadership changes with Javier Ramirez being appointed to the position of President and CEO. Ramirez will succeed Mi Pueblo founder Juvenal Chavez, who will be named Chairman of the Board.
Ramirez is a seasoned CEO in the Hispanic food and grocery sector, with a proven track record of leading operational improvement strategies, developing strategic expansion initiatives, and accelerating growth in profitability. With nearly 20 years of experience, he will lead Mi Pueblo as it repositions its business and renews its commitment to the local Hispanic community.
“We have been a part of our communities since 1991, and thanks to the loyalty and support of our colaboradores, vendors and customers during this difficult period, we can say that today marks the beginning of a bright, new chapter for Mi Pueblo,” said Javier Ramirez, Mi Pueblo’s new CEO. “The road ahead will not be easy and we know that there is much work to be done, but we have already started to implement aggressive initiatives designed to reposition Mi Pueblo as a profitable entity and as a strong contributor to our local Hispanic communities. We are confidently looking forward to this new stage in the company’s history and I personally am honored to join and support Mi Pueblo’s incredible team of professionals.”
As part of Ramirez’s post-Bankruptcy plan, he will be focusing his efforts towards enhancing the company’s authentic Hispanic product offering, improving customer service levels within Mi Pueblo’s stores and ensuring Mi Pueblo’s products are sold at fair and competitive prices in the marketplace.
“We also plan to share in our future successes by reinvesting in the communities we are fortunate enough to serve,” continued Ramirez. “In the near future, we will be introducing several new employee benefit programs for our colaboradores as well as several new initiatives focused on supporting our local communities.”
Since filing for Chapter 11 in July 2013, Mi Pueblo has sustained its business operations in Northern California by continuing to provide the community with authentic Hispanic grocery products, fresh produce and high-quality meats. The company has worked closely with its vendors and creditors during this time to reach mutually-beneficial agreements that will best position Mi Pueblo for a successful reorganization.
Mi Pueblo also received $56 million in financing from Chicago-based investment firm Victory Park Capital (VPC) as part of the financial restructuring. With deep experience investing in the consumer and retail sectors, as well as companies that serve the Hispanic marketplace, VPC will provide Mi Pueblo with the financial strength and strategic guidance required to rapidly improve its operations and navigate the competitive grocery landscape.
About Mi Pueblo Foods
Mi Pueblo Food Center, established in 1991, is Northern California’s leading neighborhood grocery retailer. Each of our 21 locations – located in the Bay Area, Monterey Peninsula and Central Valley – offer consumers quality foods, greater value, and genuine service in an authentic environment modeled after hometown markets found in Mexico and Latin America. Mi Pueblo’s business model is focused on providing every member of the community with a fun, festive shopping experience, products of the highest quality and friendly bilingual customer service.
For additional information about Mi Pueblo, please visit www.mipueblofoods.com.
About Victory Park Capital
Victory Park Capital Advisors, LLC (“VPC”) is a privately held, SEC-registered, global alternative investment firm. VPC provides opportunistic capital solutions to both emerging and established businesses with an expertise investing across various sectors where traditional sources of capital are limited. The firm’s differentiated offerings leverage an extensive network of industry relationships, disciplined deal origination, creative financing capabilities and broad credit structuring and special situations expertise. The firm was founded in 2007 and is headquartered in Chicago with additional offices in New York, Los Angeles and San Francisco. For more information, please visit www.victoryparkcapital.com.
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