Bashas' back in bankruptcy court for hearing

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PHOENIX -- Lawyers for Arizona grocer Bashas' Inc. are due in court on Friday to update a judge on plans to exit from bankruptcy protection.

The company's lawyers said earlier this month that the company was close to securing the financing it needs to emerge from bankruptcy.

The news that new financing was suddenly available was a major milestone for the company.

Bashas' has closed 31 of its more than 155 stores, cut about 1,000 workers and renegotiated store leases to slash costs after filing for reorganization in July.

The company's lawyers are expected to update the judge on Friday on the status of the new financing deal. If the financing comes through, the family owned grocer could emerge from bankruptcy by midsummer.

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