IBJ_logo_101117_5

schuettesmarket2Two Schuette's Market locations have closed in Metro East after a bankruptcy filing by their parent company.

Signs were in place Friday on the stores in Troy and Breese, informing the public that the stores were closed until further notice.

A notice on the store window in Breese said this:

"Schuette Stores Inc. and it's (sic) sister company Topmost Development Corp. today announced they have ceased operations and commercial bankruptcy proceedings (the "Chapter 7' case) by filing a voluntary for relief under provisions of Chapter 7 of the Title 11 of the United States Bankruptcy Court to initiate and orderly liquidation of the assets of the Company."

The Chapter 7 case was filed in the U.S. Bankruptrcy Court for the Southern District of Illinois. As a result of the filing, a Chapter 7 trustee will be appointed in the Chapter 7 case and the assets of the company will be liquidated in accordance with the bankruptcy code, the statement said.

The sign to customers said that additional information would be obtained through the bankruptcy court.

Schuette Stores Inc. operated two grocery stores under the names of Schuette's Markets in Breese, which is in Clinton County, and in Troy, in Madison County.

Topmost Development Corp. owned and managed the associated real estate, according to the posted notice.