April 2019 Board Update

April 4, 2019

From Your Board President

The Board has been busy this month, with our annual two-day retreat and multiple projects in the works.  Here are a few highlights and opportunities to share your thoughts:

  • We will be holding an Owner-Member Forum at 7:00pm on Tuesday May 21 at St Thomas Lutheran Church (3800 E 3rd St).  Please join us for a financial update, results from the ongoing owner-member survey and a discussion of possible Bloomingfoods futures that are currently under consideration by the Board.  Come and share your ideas.
  • We would love member input on our proposed new Bloomingfoods Product Policy.  A small committee of owner-members, staff, and board have created a draft. The draft is posted on the website here. Do you want to comment on the policy?  Please e-mail committee chair Bobbi Boos at bobbi@bloomingfoods.coop.
  • You can also talk to members of the Board at Co-op Day.  Board members will be available at both the East and Near West stores on Saturday April 13 from 11:00 to 1:00, to take comments and answer questions.  Drop by and say hi!
  • Are you interested in running for the Board? Candidate packets will be available in mid-April and applications will be due mid-June.  Owner-members are always welcome at our board meetings (last Thursday of the month at 6:30pm in Dimension Mill) and our Perpetuation Chair Jacob Schumacher is also happy to answer questions – jacobs@bloomingfoods.coop.  
  • Last but not least, the Board recently reached out to our Elm Heights investors with the message that Bloomingfoods is unlikely to be financially healthy enough to repay their debt in full for at least a decade. For lenders who are interested in closure, we offered a one-time payment of 10% of the value of their loan in exchange for loan forgiveness; however, all lenders continue to have the option of allowing their loans to remain on hold. We appreciate the patience and support of our lenders as we continue to explore options and refine our future plans and financial forecasts.

While this has been an extremely challenging year (and many challenges remain), it is gratifying to see how much progress can be made when we all work together. I hope you’ll join us at our upcoming forum to discuss our future options and add your input!

Thank you again for your support of Bloomingfoods.

Maggie Sullivan, Board President