After declaring bankruptcy earlier this year, the Andronico’s Community Market’s branch on Telegraph Avenue will be shutting its doors, the company announced Friday.
The decision comes just a few weeks after the closure of the chain’s University Avenue location and about a month after the grocery chain was purchased by Renwood Opportunities Fund and saved from bankruptcy.
“The closing of the Telegraph Avenue store became necessary because the property would have been too difficult to bring up to the standards that our customers expect and deserve,” said Bill Andronico, a member of the family which founded the markets, in a statement released Friday.
After the closure of the Telegraph store, only two Andronico’s locations will remain in Berkeley — one on Solano Avenue and the other on Shattuck Avenue. The Andronico’s location on University Avenue closed at the end of last month just after the franchise was purchased by Renwood Opportunities Fund for $16 million.
At its height, the Andronico’s franchise had 14 stores spread throughout the Bay Area. Once the Telegraph Avenue store closes, that number will be down to six.
Renwood Opportunities Fund — a partnership between Renovo Capital and Rosewood Private Investments — recently made the decision to close the location as part of a much larger financial restructuring of the supermarket chain, according to the statement.
“Investment in the future of Andronico’s Markets can begin now that we are financially stable after the sale of the company to Renovo Capital,” Andronico said in the statement. “Our focus now is to build upon the strong brand built over three generations.”