Alberta-based Sunterra files for bankruptcy protection

An Alberta-based food company appears to be in a difficult situation.

Various reports indicate Sunterra Quality Food Markets has filed for bankruptcy protection, saying it hasn’t run out of money but is looking to restructure its financial affairs.

Court documents cited by sources indicate millions of dollars in liabilities.

“Almost $19 million is owed,” said Craig Patterson, a retail insider. “This is obviously a challenging time for the retailer. It’s going to have to figure out its finances if it’s going to continue in Alberta.”

Sunterra Market was started by the Price family in Acme more than 50 years ago, according to its website.

These days, the company is apparently run by the Price children and grandchildren and employs more than 1,200 people.

The business is modeled after European markets, encouraging customers to shop fresh, local, and often, according to its website.

Patterson says that with higher grocery prices forcing Albertans to be more economical with their shopping, shoppers have more options when it comes to food.

“A lot of consumers are looking for discounts or lower-priced items, and the big grocers are addressing that. We’re seeing Empire and Loblaws opening up smaller format or in some cases converting their banners into lower price banners,” Patterson explained.

Currently, there are several grocery stores across the province, including five in Calgary, two in Edmonton, and one in Red Deer.

Shoppers at Sunterra Market in south Edmonton were not happy on Thursday with reports the company has filed for bankruptcy protection and what that could mean for their go-to grocery store.

“I’m really disappointed, cause we come here a lot, and every time I’m here, they always seem to have a lot of customers,” said an Edmontonian CityNews spoke to. “It’s another bit of sad news, along with the Bay. Yeah, I’m disappointed.”

660 NewsRadio has reached out to Sunterra for comment.