The employee-owned parent of Piggly Wiggly Carolina is now essentially worthless, and former workers will not receive stock payouts this year, according to a letter from the head of the once-prominent supermarket chain. “The company has no positive value,” said David R. Schools, president of Mount Pleasant-based Greenbax Enterprises, in a recent mailing to participants in the employee stock ownership plan.

Schools said an outside firm determines the value of the business each year and, because of financial obligations of Greenbax and the negative value of its assets, “there will be no … distribution this year based on share value.” Joe Pinto, a former employee of Piggly Wiggly for nearly 40 years, said he wasn’t surprised that the value of the stock has been nearly wiped out. “We are terribly, terribly disappointed,” the West Ashley resident said Tuesday.

Read more at: Former Piggly Wiggly employees told stock values plummet to near zero