San Jose, Calif. -- Hispanic supermarket chain Mi Pueblo Foods announced its formal emergence from Chapter 11 reorganization after having completed a necessary financial restructuring. The company also announced that Javier Ramirez has been named president and CEO. He 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.
"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,” Ramirez said.
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," Ramirez sauid. "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."
Mi Pueblo received $56 million in financing from Chicago-based investment firm Victory Park Capital as part of the financial restructuring.