Schoep’s filing for receivership puts the Jennifer St. Market’s future lease in jeopardy. And, because of the receivership, its hard to get answers!
This is what Alder Marsha Rummel shared with the neighborhood list serve:
Many people have emailed me since the news of Schoep’s filing for receivership was announced last week. https://madison.com/wsj/news/local/madison-based-schoep-s-ice-cream-files-for-receivership-an/article_e8ac30aa-7f5a-59ae-9d0b-5b15c8c18b82.html
Some of you know I said I would reach out to Al Thomsen, President of Schoep’s to learn more. Uncharacteristically he did not respond. I have since learned from city economic development staff that once in receivership the current executive staff is not allowed to discuss or negotiate with anyone. All communication needs to be done through the receivership attorney. I followed up by email with Al and told him I understood he could not respond and he thanked me.
I have shared the neighborhood’s concerns about the fate of the Jenifer St Market with city economic development division, planning division, city attorney’s office, the food policy coordinator and the Mayor’s office.
Ruth Rohlich in the Office of Business Resources told me she reached out to the receivership attorney and he has hired a consultant to do the work of speaking with government folks and potential buyers. The consultants name is Steve Nerger from Silverman Consulting in Illinois. Ruth has spoken to Mr. Nerger and he explained that once a business is in receivership the court appointed attorney must work to regain as much value from the company as possible to pay back the creditors. He indicated that, at this point, no decisions have been made about any of the company’s assets, including the building that houses Jenifer Street Market. Mr. Nerger told Ruth that they have no immediate plans to change the lease with the Market.
But as many neighbors are aware, the Jenifer Street Market currently leases the space from Schoeps on a year-to-year basis with a below market rent. Ruth says the city has talked with Jenifer Street Market owners about potential city support for this business through the Healthy Retail Access Program. The city attorney also suggested that an attorney or other representative of the Market should appear in the receivership proceeding to be certain to get notice of any changes proposed. I assume Steve McKenzie and the other owners of the Market are on top of the process.
That’s what I have learned. I plan to meet with city Economic Development Division staff and the city’s Food Policy Coordinator soon and will report back on anything I learn.
Marsha
