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Grocery Chain Belle Foods Seeks Ch. 11 Protection

Law360, New York (July 2, 2013, 7:03 PM EDT) -- Birmingham, Ala.-based grocery chain Belle Foods LLC on Monday sought Chapter 11 protection, blaming increased competition and higher payroll taxes for its recent financial troubles.

Listing between $10 million and $50 million in both assets and liabilities, the privately held company pointed to technical issues with its accounting system and “lending structure” issues as causes of its lack of liquidity. And the arrival of newer, nearby grocers hasn’t helped the business, the company’s CEO said in a court filing.

“With older locations, [the] debtor has had...
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