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Grocer facing closure seeks to transfer interest
Monroe works to avoid closure of Jubilee Foods.
Thursday, May 22, 2008
The owners of Jubilee Foods on South Main Street in Monroe are looking to transfer operations of their business to another grocer because they cannot compete.
Munafo Seven Inc. is in the seventh of a 10-year community reinvestment area agreement with the city, which provides a 100 percent tax abatement solely on the grocery store business, said City Manager William Brock. The city entered into the agreement, which prohibits any transfer of interest in the grocery store located at 601 S. Main St. to a third party, with Munafo in November 2001.
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Munafo Seven says it must either close the business or transfer its interest in the store to another grocery store owner while maintaining ownership of the real property because it cannot remain competitive with its business plan, city officials said.
Nick Munafo, one of owners of the seven-member family-operated business, declined to comment further about the store.
To avoid the closing of the business, the city passed an emergency resolution by a 6-0 vote during its meeting on May 13 authorizing and directing Brock to enter into an amended community reinvestment area agreement between Munafo Seven and Monroe.
Brock recommended that council approve the amendment of the CRA agreement to allow for the transfer of the grocery operations to another company.
"And they're (council) going to consider that transfer next week," he said.
Brock said having more than one grocery store in town is important to the community.
"Everybody likes to have an option; not everybody wants to shop at Kroger. So let's give the community another option to continue to have an option of another grocery in town," he said.
Brock said the city also would rather have a business operating in the Jubilee location rather than having it closed up.
He told council that he would bring back additional information to them about what company Munafo Seven wishes to transfer the grocery operations to at its next meeting on May 27.
He declined to say who the grocer might be.
