Ranch Market Founder in Bankruptcy
Jon Hubbard, founder of the Irvine Ranch Farmers Market chain, has filed for personal bankruptcy, listing total debts of about $2,645,000.
The bankruptcy petition, filed in U.S. Bankruptcy Court in Santa Ana, shows assets of $7,900 in cash. “He’s got his clothes and his furniture,” said Hubbard’s bankruptcy lawyer, William C. Starrett II.
Hubbard’s 12-store, upscale grocery chain filed for protection from creditors in July, listing liabilities of $17.5 million. The Costa Mesa-based chain was bought in September by a group of investors led by Daniel Bobroff, owner of Chalet Gourmet in Hollywood.
According to Starrett, creditors are likely to get “zero” from Hubbard. “It’s all over. They’re going to have to get (anything recovered) out of Irvine Ranch,” Starrett said, because Hubbard “put everything he owned into the market.”
Hubbard could not be reached for comment Friday. He is managing the chain’s Costa Mesa store.
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