SUBSCRIPT: MOO AND OINK HEADING INTO HISTORY? Last chance for an important field trip for CPS teachers, those who promote nonsense like the
With the recent news that Chicago's famous Moo and Oink food stores might be heading into bankruptcy, there is one last chance for suburban teachers, TFA types, and those who prattle on and on about the so-called "Achievement Gap" and other ruling class talking points to take a field trip to where the reality can't be escaped, either visually or using your olfactories: a Chicago original, Moo and Oink.
There are other projects Substance will be suggesting or mandating in our ongoing series on "Overcoming the Hedge Fund Lies and the Liars who Sell Them" series, but short of a night spent on one of Chicago's drug corners with the GDs or BPSNs, Moo and Oink is as good a place to begin as any. And now you can get the official introduction from Crain's Chicago Business:
Moo & Oink faces shutdown
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By: Brigid Sweeney August 10, 2011
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(Crain’s) — Moo & Oink Inc., a Chicago grocer with three locations on the South and West sides and one in south suburban Hazel Crest, may be sold or face liquidation, according to the Austin Weekly News.
The West Side newspaper reports that sinking sales and a sagging economy could force the grocery chain to go out of business soon, according to an Aug. 2 letter sent by Steven Nerger, managing partner of Skokie-based Silverman Consulting, who has been appointed by the company as trustee. Mr. Nerger’s firm specializes in turning around distressed businesses.
Mr. Nerger’s letter references only the three Chicago locations, according to the Austin Weekly News, making it unclear if the suburban store is included.
"I expect to operate the three retail stores for a limited period of time while I attempt to sell the business," Mr. Nerger wrote in the letter, according to the paper. "However, if a sale cannot be completed, I will liquidate the inventory and sell the equipment and intangibles as soon as reasonably possible."
Reached at Moo & Oink’s corporate offices, Alan Samsky, a Silverman Consulting associate, said, “It’s a rumor. We are in business.” He declined to comment further.
Mr. Nerger did not respond to requests for comment.
According to the Austin Weekly News, Mr. Nerger’s letter said Moo & Oink lost $1.7 million in 2010, on top of a $1-million loss in 2009. As of June, the company had assets of $6.1 million against liabilities of $10.1 million.
Moo & Oink, which specializes in meats and grilling, was incorporated in 1982 but traces its Chicago history back nearly 150 years, according to the company’s website.
Read more: http://www.chicagobusiness.com/article/20110810/NEWS07/110819985/moo-oink-faces-shutdown#ixzz1UjQEFOyL
