Key Takeaways
- Choice Market, a Denver-based convenience store chain, has permanently closed after failed reorganization attempts.
- The company struggled due to COVID-19 impacts, rising inflation, and labor shortages, leading to Chapter 11 bankruptcy.
- CEO Mike Fogarty expressed gratitude and optimism for future ventures despite the closure.
Company Closure Announcement
Choice Market, the Denver-based convenience store chain renowned for its tech-savvy approach and fresh food offerings, has announced its permanent closure. CEO Mike Fogarty shared the news on LinkedIn, highlighting the challenges the company faced during a reorganization effort over recent months.
Fogarty acknowledged the difficulty of the decision, expressing appreciation for the support from investors, employees, and partners throughout the journey. He emphasized the company’s mission to innovate in providing convenient and high-quality food, expressing pride in the impact Choice had on the industry. “I am hopeful that Choice made our industry think differently about what it means to push boundaries and innovate,” he remarked, reflecting on the store’s focus on health and convenience.
Founded in 2017, Choice Market quickly gained attention for its unique combination of fresh, locally sourced food and advanced retail technology. Operating five stores in the Denver area at its peak, the company also explored the automated convenience store model with Mini Marts, positioning itself as a leader in the urban retail scene.
However, like many businesses, Choice Market was severely affected by the COVID-19 pandemic, which led to a substantial decline in sales. The difficulties didn’t end there; rising inflation, increased costs of goods, and labor shortages further strained the company’s finances. Ultimately, these challenges culminated in the decision to file for Chapter 11 bankruptcy earlier this summer, paving the way for this week’s closure.
Despite attempts to reduce expenses, including downsizing the executive team and implementing new in-store technologies, the strategies proved insufficient. Earlier reports from C Store Dive revealed that a significant influx of $1.5 million from an investor fell through in April, leaving the company with no viable option but to declare bankruptcy.
One ambitious project was an AI-powered automated store concept, which was being developed and tested. With the recent closure, the broader rollout of this smaller format automated store will not materialize, representing a missed opportunity for innovation in the convenience store sector.
In his farewell message, Fogarty hinted at future endeavors, stating, “I plan to take all the learnings and apply [them] to a new chapter.” He closed with gratitude for those who supported the venture, signifying a hopeful outlook despite the setbacks faced by Choice Market.
The content above is a summary. For more details, see the source article.
