Marsh Supermarkets says it has filed to reorganize under Chapter 11 bankruptcy.
The company announced Thursday it is seeking a buyer for all or part of the chain and its remaining 44 stores. It says the stores will remain open during the reorganization.
Marsh has retained New York City-based investment banking firm Peter J. Solomon Co. to market the company's assets.
The company estimated its liabilities at $100 million to $500 million and assets at $50 million to $100 million.
The filing triggers an automatic stay, which precludes Marsh from paying amounts owed to vendors and store landlords. Several landlords have sued the company, claiming it has failed to pay rents.
Marsh was acquired by Florida-based Sun Capital Partners in 2006 when it had 120 grocery stores.