Bankruptcy
Eventually, the company found that it was unable to compete with other chains, such as Jewel-Osco, Dominick's, Hy-Vee, Walmart and Kroger . The first sign of this was the selling of the Harvest Day bakery plant in Rock Island, Illinois to the Metz Baking Company in 1998. The company went into Chapter 11 bankruptcy in March 2000.
In 2003, Eagle Food Stores ceased operations, and sold off its assets. Some of the stores were acquired by other chains, such as Hy-Vee, Kroger, Albertsons, and Butera. The Downtown Eagle Corporation was founded to take over two stores - one in Clinton, Iowa and the other in Dubuque, Iowa. They purchased the rights to the Eagle Country Market name and signage and operate the two stores under the Eagle Country Market name. One location in Coralville, IA was purchased by GEICO and converted into a call center. One location in Cedar Rapids was bought by Rockwell Collins; another site was bought by Auto Zone.
Read more about this topic: Eagle Food Centers
Famous quotes containing the word bankruptcy:
“You must get your living by loving. But as it is said of the merchants that ninety-seven in a hundred fail, so the life of men generally, tried by this standard, is a failure, and bankruptcy may be surely prophesied.”
—Henry David Thoreau (1817–1862)
“The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into the heritage of Europe as though it were its patrimony—unaware, alas, of the fact that Europe’s declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.”
—Hannah Arendt (1906–1975)
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
—Eric Hoffer (1902–1983)