AUSTIN (Austin Business Journal) — A wrench has been thrown into Wheatsville Food Co-op’s planned hub-and-spoke business model.
In July, the longtime and popular independent grocery store announced that it entered into agreements to buy two Fresh Plus stores at 408 E. 43rd St. in Hyde Park and at 2917 W. Anderson Lane in Allandale. That deal has been terminated because it was “no longer financially viable,” said Bill Bickford, general manager of Wheatsville Co-op.
Wheatsville Co-op and Fresh Plus had been discussing plans for a few years, Bickford said. During the 90-day due diligence period prior to close, however, information that was key to Wheatsville Co-op’s decision came to light, he said. Based on the information, Wheatville Co-op didn’t view it as financially viable to proceed, though Bickford declined to disclose details.
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