INDIANAPOLIS -- In another blow to the supermarket chain, Marsh has filed for Chapter 11 bankruptcy.
According to a news release, the 44 remaining locations will continue as normal throughout the bankruptcy process.
"While today's decision was extremely difficult, we believe this action is necessary to preserve the value of the business as we seek a sale," said CEO Tom O'Boyle. "After reviewing every alternative, we concluded that Chapter 11 clearly provides the most effective and efficient means to ensure the best recovery for the company's stakeholders."
This week, Marsh announced it would close all locations if it doesn't find a buyer in the next two months.
PREVIOUS | Marsh Supermarkets could close all locations if no buyer is found
If all stores close, 2,788 part-time and full-time employees would be laid off, a Marsh spokesperson said.
RELATED | Marsh to close longtime Indianapolis store at the end of January | Marsh is closing another Indianapolis store at the end of February | Marsh to close two more Indy stores by mid-April; that makes four in 2017 | Greenfield, Indy Marsh stores closing in May
RELATED | Marsh employees upset about lost jobs, insurance benefits
This process is similar to what Indianapolis-based electronics and appliances store hhgregg went through this year. hhgregg couldn't find a buyer, so the company closed dozens of its locations in early April.
About 3,700 people lost their jobs.
PREVIOUS | Indianapolis-based hhgregg files for bankruptcy | Indy-based hhgregg to close all stores after failing to find a buyer | hhgregg may close all 132 locations, liquidate items if company isn't purchased
