Mi Pueblo grocery stores submit bankruptcy plans

April 17, 2014 12:03:26 PM PDT
Mi Pueblo, the San Jose-based grocery store chain, has submitted a plan to get out of bankruptcy.

Mi Pueblo has replaced 80 percent of its workforce, but won't have to close any stores.

The company says this plan is its best shot at survival.

Private equity firm Victory Park Capital will provide $56 million to help Mi Pueblo pay its debts. In exchange, the firm will get a 50 percent stake in the company.

Mi Pueblo filed for bankruptcy protection last July.