SAN ANTONIO — Ranch Market will close after selling more than $5 million worth of merchandise, including televisions, electronics, and apparel, the company said Thursday.
The company has been unable to keep up with demand for its products, and it has been struggling to raise funds.
The San Antonio-based company will begin to sell its inventory to buyers as soon as it clears the $1.8 million in debt it has taken out to fund its expansion.
Ranch Market said it will begin selling the items, including TVs, in the next two weeks.
It said it plans to provide discounts to shoppers who place orders by Oct. 31.
The company is still in the process of determining what items to sell, but it expects to sell items in the future.
The announcement came a day after Ranch Market’s parent company, San Antonio based Ranch Supply Co., announced it was closing the business, citing “significant and continuing challenges” with its operations.
Ramp Supply Co. said the company’s sales were down 30% from a year ago and the company had incurred losses of $1 million.
The Ranch Market site was sold to a buyer last year.
It has about 1,100 employees, and about 200 employees live in the Texas City area.