The company that owns Michael's Fresh Market Stores in Chicago and Naperville and operates other stores in the Chicago area filed for bankruptcy reorganization on Friday.
Citing bankruptcy documents, the Chicago Tribune reports that Michael's Market LLC blamed the filing in large part on Premier Bank of Wilmette for imposing a lending freeze because the bank itself has been struggling since 2010.
Michael's claims its stores have a loyal following and that the company can successfully reorganize if it's given the capital needed.
The filing said the company has sales of about $50 million a year.
