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The fate of Community Grocers, Inc. now lies in the hands of the company shareholders.
A letter sent to shareholders announces a special meeting to be held at 10 a.m. Saturday, December 14 at the REC Building in Mount Ayr to consider a resolution to dissolve the corporation.
At a meeting held November 26, the CGI board of directors unanimously adopted a resolution recommending to shareholders that “the company cease doing business, liquidate the assets of the company, wind up its affairs, and formally dissolve the company.”
At Saturday’s meeting, the shareholders will act on the recommendation of the board.
If the shareholders follow the board’s recommendation, the company will liquidate it properties and reduce its assets to immediately available funds, apply those funds to the company’s debts, and distribute any remaining funds to the shareholders according to their ownership.
Any shareholder unable to participate in the meeting may vote by proxy on or before December 13.
The meeting will be open to the general public and the public and stockholders will be allowed to express their opinions before a final vote is taken by stockholders.