Santa Fe Cattle Company Files for Chapter 11 Bankruptcy Protection

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Santa Fe Holding Company (PINKSHEETS: SFHD) announced that it has voluntarily initiated proceedings under Chapter 11 in U.S. Bankruptcy court in Nashville, TN.

Santa Fe Cattle Company plans to undertake further expense reduction to improve productivity as well as providing marketing support to expand its loyal customer base.

Although 16 new stores built over the last two years have flourished, several of the older units have under performed. Three of those units were closed on July 15, 2009. 

Chief Executive Officer Danny York has stated "Santa Fe continues to be dedicated to giving customers the freshest food in a friendly atmosphere. The recent filing will allow us to reorganize our company and emerge stronger than ever."  Mr. York went on to say, “Our business decision was made in the best interest of all of our dedicated employees and vendor partners who, like us, believe in the success of this concept. This decision not only protects the approximately 2,300 people we employ, but the hundreds of local businesses they support as consumers."

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