CHARLESTON, SC (AP) — The employee-owned parent company of Piggly Wiggly Carolinas says the grocery store chain is now essentially worthless.
The Post and Courier of Charleston reported former employees have been told they will receive no stock payments this year. Greenbax Enterprises president David Schools wrote to the employee-owned stock ownership plan that the company has no positive value.
The grocery store chain started in Charleston 60 years ago. The company began selling assets and closing stores in 2013. The last company-owned store closed last spring in Hollywood in Charleston County.
The letter to shareholders in the plan comes one year after some former employees sued the grocer in federal court, seeking millions of dollars in lost retirement money. They charge that poor decisions by company executives led to its collapse.
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