Phoenix-based Pro's Ranch Markets sold for $55M

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By Jennifer Thomas By Jennifer Thomas

PHOENIX (AP) -- Two retailers in Southern California have reached a $55 million deal to buy Phoenix-based Pro's Ranch Markets, which filed for Chapter 11 bankruptcy protection last May.
The family-owned chain of grocery stores popular with Latino customers was founded 31 years ago and has seven stores in Arizona and two each in New Mexico and Texas.
Cardenas Northgate Group Ranch announced Monday that as part of the deal, it will also get Pro's Ranch Markets' corporate office and a 151,000-square-foot warehouse in Phoenix.
CNG Ranch officials say all 11 Pro's Ranch Market stores will remain open for the foreseeable future.
The group is comprised of Cardenas Markets and Northgate Gonzalez Market.
Cardenas Markets currently owns 26 stores in California and three in Nevada whole Northgate Gonzalez Markets operates 38 California locations.