Several potential buyers have emerged for bankrupt grocery chain Andronico's Markets, which says it needs to sell itself soon to pull out of a financial nose-dive.
Executives with Andronico's also say at least one of the buyers intends to invest millions of dollars to upgrade the shopworn stores in the chain, which has seven Bay Area markets. Andronico's filed for bankruptcy Aug. 22.
"We are in a cash squeeze," said Bill Andronico, CEO with the San Francisco-based grocery chain. "We need to complete a sale in October."
Andronico's specializes in gourmet and other specialty foods, along with wine, kitchen gadgets and tableware. The company has four stores in Berkeley, and single stores in San Francisco, Los Altos and San Anselmo.
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