The Columbus Food Co-Op is giving up on plans for a community-owned grocery store. The co-op’s board of directors met Monday to decide between two choices: opening a smaller store, or declaring bankruptcy. The board voted 5-4 to end the project.
According to a report released to members and investors, the cost to open a store on Central Avenue would have been about $585,000. But the co-op, after several years of fundraising and membership drives, has about $220,000 in cash on hand including pledges.
The board members will be discussing next steps with an attorney, including how to divvy up the remaining funds between member-owners and investors.