“After careful consideration we concluded that a Chapter 11 restructuring represents the best long-term solution for Zacky,” said Keith Cooper, chief restructuring officer. “We appreciate the ongoing loyalty and support of our employees, growers, customers and vendors. Their dedication and hard work is critical to our success.
“We remain committed to leading Zacky toward a strong and profitable future with the help of our employees, our growers, our customer base, and our vendor community. Zacky remains a viable business that is deeply committed to our employees and the customers that we serve.”
The company has arranged debtor in possession financing from the Lillian Zacky Family Trust and has hired strategic advisors to explore alternatives. The company has not set a target date to for emergence from Chapter 11.