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Bloomington-Normal, Illinois
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| MoneyMonday, August 27, 2007 4:57 PM CDT |
Boitnott closes west-side grocery store
BLOOMINGTON -- Tom Boitnott’s Mor-For-Less grocery store in west Bloomington is closed, just about 6 months after opening. McLean County, meanwhile, is considering how to recover $150,000 it loaned Boitnott last fall to provide initial operating capital and inventory. Boitnott was unavailable Monday, but a large sign on the window announced the closure. Inside, all shelves appeared bare. The store opened in March at the former Aldi’s, 1512 W. Market St., Bloomington. It was Boitnott’s attempt to return to the grocery business. He managed the Tom’s Parkway Foods in southwest Bloomington until 2005, when the owners turned over management duties to an outside company. The store closed 10 months after Boitnott’s departure, and many southwest Bloomington residents and Parkway customers blamed its failure on the loss of Boitnott. The building is now a Great Escape outdoors store, 1710 RT Dunn Drive. Boitnott, meanwhile, owes the county $148,119 for the Mor For Less store, according to the treasurer’s office. He was to repay the loan over 10 years at 3 percent interest but has not paid since July. Assistant state’s attorney Eric Ruud said the county has security interest on the nonperishable goods at the store. The county also has security in machinery, equipment, furniture and fixtures, Ruud said, but that other creditors have first claim on that property. According to Boitnott’s contract with the county, he also borrowed $327,500 from U.S. Bank and $225,250 from the U.S. Small Business Administration. Ruud said the county was considering its options, declining to elaborate. |
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