Food Front will pick buyer this month
After two years of disorder and dissent at the co-op, new board takes charge
A reorganized Food Front Cooperative Grocery board of directors was installed Tuesday and a rapid schedule set for resolving issues that have festered for two years since the store closed.
Co-op members will receive ballots this week and vote on two prospective buyers of the property, which will be completed by July 24, with a winner to be announced by July 28.
Market of Choice is the presumed favorite, but Mark New, principal of Development Company of the West, Property Services, also has an offer.
New told members on July 1 that he would not compete with Market of Choice if that company retains an interest in following through with a proposal it made in late 2023.
Kate Fulton, the new board president, confirmed that MOC remains interested despite the unexpected death last month of its CEO, Rick Wright. Zach Wright, his son, now heads the company and has updated the purchase offer.
MOC would pay $1.54 million and make a matching contribution to Friendly House of up to $100,000. The deal could close 45 days after signing the sales agreement. The company will operate what would be the 13th store in the Eugene-based chain.
New is offering $2 million, which would be reduced to $1.8 million if he is able to find a grocery tenant within 18 months of the closing. New would redevelop the property exclusively for retail.
New board members Sue Harrison, Katherine Cahn and Raluca McCallum were installed. Former President Roman Shvarts and Vice President Sanela Ruznic will resign from the board by the end of the month.
After years of contention and failed efforts to revive the store, members expressed gratitude for the new leadership and transparent efficiency.
“Kate and board,” one member wrote in the comments section of the Zoom meeting. “You guys are a breath of competent fresh air. Thanks so much for all you are doing to bring this to a conclusion that makes sense for our neighborhood!”
The meeting had 90 participants, including the five members whose privileges were revoked by the previous board.
Fulton said the co-op will be dissolved after the sale is closed. Any assets remaining at that point will be donated to an entity of the members’ choice.
Thanks for the note. This is how you reach them:
board@foodfront.coop
So great to hear this report. I joined Food Front as a member in 1995, moved around Portland, and am now back in NW. I never received info nor a vote on the debacle of a year ago when the BOD ignored their shareholders. I am beyond in favor of MOC. How do I/we contact the new Board?