Troverco, a St. Louis-based distributor of packaged sandwiches and other foods to convenience stores in 22 states, has filed for bankruptcy. <\/p>\n
The privately held company plans to lay off about 130 of its 230 employees, CEO Joseph Trover Jr. told the Post-Dispatch on Monday. Affected employees, including about seven in St. Louis, have been notified, he said. <\/p>\n
Troverco filed the Chapter 11 bankruptcy in federal court in St. Louis on Thursday, listing between $1 million and $10 million in both estimated assets and liabilities. <\/p>\n
Its creditors include Cincinnati-based AdvancePierre Foods, which has a $350,171 claim, Miami-based Ryder, which has a $245,384 claim, and Maryland Heights-based trucking company Hogan, which has a $146,994 claim, according to court filings. <\/p>\n
After selling its Landshire sandwich brand a few years ago to AdvancePierre Foods, Troverco expanded its distribution routes to more than 100 and added new products including parfaits, salads and fruit cups. Food giant Tyson acquired AdvancePierre and its portfolio of food brands last month for $3.2 billion. <\/p>\n
Trovercos rapid expansion and addition of new fresh foods two years ago prompted the bankruptcy, Trover said. We grew too fast, he said, adding the new fresh foods requested by some customers didnt lead to higher sales. <\/p>\n
David Leavitt, a former executive at Hostess that joined Troverco as president and chief operating officer last fall, is no longer with the company. <\/p>\n
Founded in 1966, Troverco had $50 million in revenue in 2016. After trimming its distribution routes to 52 this year and cutting its customer count from 10,000 to a few thousand, the company will have between $25 million and $30 million in revenue this year, Trover said. <\/p>\n
As part of the reorganization, Troverco may stay based on Lacledes Landing, Trover said, or move to facilities the company operates in south St. Louis County or Belleville. <\/p>\n
Editor's note: David Leavitt served as president and chief operating officer. His title was incorrect in an earlier version of this story. <\/p>\n
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St. Louis sandwich distributor Troverco files for bankruptcy - STLtoday.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Troverco, a St. Louis-based distributor of packaged sandwiches and other foods to convenience stores in 22 states, has filed for bankruptcy. The privately held company plans to lay off about 130 of its 230 employees, CEO Joseph Trover Jr Continue reading