Green Top Grocery Facing Financial Challenge
There are signs of trouble for a new grocery store cooperative in Bloomington.
Green Top Grocery told members in an email that it is facing an operational deficit. The co-op said its sales have been 50 percent below initial projections, and it has been burning through cash reserves much faster than expected.
Green Top has laid off some workers in response to its financial situation, and the co-op board is replacing its general manager with an interim general manager from a national cooperative grocery support network.
Green Top said in its newsletter to members that it is implementing a turnaround plan to address the sales gap and depleting cash reserves.
The eight-month turnaround program will include new approaches to pricing, marketing, inventory and operations, with input from lenders, consultants and staff.
Green Top Board President Michael Gorman also said in a Facebook post the co-op on Washington Street, south of the David Davis Mansion, could run out of cash by the end of the year without a shift in the business.
Just under half of Green Top customers are also co-op owners.
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