From the U of C Chronicle:

University signs lease with Treasure Island to fill former Co-op space

The University has signed a lease with the locally owned grocer Treasure Island to open a grocery store in the Hyde Park Shopping Center at 55th Street and Lake Park Avenue. Hank Webber, Vice President for Community and Government Affairs, announced the opening of the new store in a message to the campus community today. Treasure Island is working intensively to obtain a number of city business licenses that are required and has set a goal of opening the new store before the end of February.

Treasure Island plans to make major renovations to both the interior and exterior of the store, while maintaining operations throughout the remodeling. “It will be several months before the renovations are completed, but we believe they will be worth the wait,” said Webber.

Treasure Island will occupy the space formerly leased by the Hyde Park Co-op from the University, which owns the Hyde Park Shopping Center. Given the Co-op’s serious financial difficulties, the University proposed a debt workout agreement on which shareholders voted in December 2007 and elected to accept. The debt workout agreement allows for the closure of the Co-op and a smooth transition toward the opening of the new grocery store in the same location. The Co-op’s licensing agreement for the 55th Street store will expire at the end of January, and the Co-op anticipates closing its operations by Sunday, Jan. 20, as its current inventory is sold.

All of the current Hyde Park Co-op employees who are interested in working at the new Treasure Island store are being invited, beginning as early as this week, to interview for employment. Additionally, the University has worked with Toni Preckwinkle, 4th Ward Ald., as well as other city and state officials to provide resources, support, information and training to the Co-op employees.

Yay!