, which opened for business in downtown Bellevue less than a year ago, filed for bankruptcy protection this week in U.S. Bankruptcy Court in the Western District of Washington after . But founder Jason Brown said he still hopes that the market will relaunch soon.
In an email to Patch on Friday, Brown wrote:
It was with tremendous sadness that Your Local Market has had to go into a Chapter 11 Reorganization. We are incredibly proud of the work our team has done, the customers we have been able to serve, and look forward to having the opportunity to re hire folks to re-launch YLM ASAP. I have received over 100 emails from our customers cheering us on and making great suggestions. We are working to obtain the additional financing we need to re-open Your Local Market. We have had initial success however are still in conversations with potential investors to move forward.
The bankruptcy filing lists more than 230 creditors, with about $2.03 million owed to the 20 biggest unsecured claimants.
They include more than $372,000 in rent owed to the property owner, listed as Bellevue Properties, and $66,000 owed to Seattle-based supplier Charlie's Produce.
Documented information on the total owed to all creditors was not immediately available.
Despite being less than a year old -- -- the grocery store has been high profile. It occupies a highly visible location on Bellevue Way across from Bellevue Square, . The store had features such as a focus on products made within 400 miles of Bellevue, curbside pickup and regular community events that raised money and awareness for local causes.
However, the store signaled trouble several weeks ago with a and then promising to relaunch.
In a press release, Brown said that the filing allows the market to reorganize with a revamped concept:
Your Local Market has filed a Chapter 11 Petition for Reorganization with the goal of reopening as soon as possible. The filing allows the Company to continue efforts to arrange adequate financing and take stock of what their customers have taught them these past 8 months. If successful, it will re-emerge with a much greater offering of fresh foods, fresh produce, naturally raised meats and sustainable seafood, along with over 3,000 locally produced products. In addition, a reorganized Market will offer expanded daily BBQ menu featuring natural meats and seafood cooked to order. Your Local Market will continue with its founding goals to do good by helping local children’s charities within the community and provide profits for all stakeholders.
Your Local Market is currently working through the details of reorganizing, engaging with present and potential new investors as well as present and new strategic vendor partnerships. Jason Brown, founder of Your Local Market, said “We have been working through multiple scenarios and striving to identify a sustainable plan for the future. I want to assure our customers that we are doing all we can to reopen as soon as possible. I welcome your calls, your feedback and ideas. We as a team look forward to bringing Your Local Market back and making it an even greater success story as part of the community. While successful in regard to our fresh offering, repeat customer loyalty, and customer service, the challenge from the start has been lack of sufficient capital to sustain operations on a permanent basis and to allow the location and customer base to reach its potential. Please visit our website or Facebook link to stay tuned in for our next steps.” The opportunity to reorganize will allow the market the time it needs to do everything possible to return to business.