Super 88 files for bankruptcy
Super 88 LLC, the parent company of an Asian grocery chain owned by a local father-son business team, filed for Chapter 11 bankruptcy protection Monday, putting the chain's sale on hold.
Several other entities owned by Peter Luu and his son, George V.H. Luu, also filed for bankruptcy yesterday, as well as late last week, court records show.
Super 88 LLC - which operates stores in Allston, Dorchester, and Malden -- has at least 200 creditors, according to its filing in the US Bankrutpcy District Court of Massachusetts. Its assets are listed at from $1 million to $10 million, while its liabilities are listed at $10 million to $50 million.
The stores remain open for business.
"The company obviously needed to have some time to decide what its next step was going to be," said Frank Kirby, the attorney for Super 88. "My advice was for them to file a reorganization plan. So that's where we stand."
Kirby said Super 88's bankruptcy puts a halt to the sale of the chain, which is being hashed out in court by three potential buyers who each said they had deals to buy some or all of the stores in the chain.
This "stays them, absolutely stops them dead," Kirby said. The bankruptcy judge could entertain offers to purchase the chain, he added.
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