What is UCC?

A View You Can Defend.

From Those Who’ve Worked the Cases.

UCC works within an active commercial collections firm. Years of debt recovery across foodservice, grocery, hospitality, and related industries have provided deep insight into payment behavior, default patterns, and recovery timelines—real-world experience that informs every rating we publish. Access requires a subscription credential. That gate keeps the research focused and the coverage current — delivered to the credit professionals who rely on it to make real decisions.

Updated 8/19/2026 · Industry: Mass Merchandise

Target Corporation

Target posted Q2 fiscal 2026 comparable sales up 3.8% on traffic up 3.6%, with reported diluted EPS of $4.11 including a $1.65 tariff-refund benefit, across 2,019 stores and more than 400,000 team members. RHK initiated an RHK-1 rating with a Stable outlook and open terms with no restriction, noting payment capacity is not in question. However, terms extension, deduction management, and trade-spend load are moving against suppliers, and headline earnings are flattered by a one-time tariff refund.

Updated 8/1/2026 · Industry: Grocery & Supermarket

Grocery Outlet Holding Corp.

Grocery Outlet posted fiscal 2025 net sales of approximately $4.69 billion (up 7.3%) but recorded a net loss of $224.9 million, driven largely by non-cash charges, amid a turnaround and restructuring phase and 36 planned store closures. The extreme-value grocery retailer remains a viable, cash-generating operator with positive adjusted EBITDA, though comparable sales are decelerating. RHK assigns an Extend With Monitoring / Moderate Caution posture given the earnings and execution pressure.

Updated 8/1/2026 · Industry: Restaurant & Hospitality

Jack in the Box Inc.

Jack in the Box posted a fiscal 2025 net loss with sales down about 4.2% for the year (7.4% in the fourth quarter), and carries total debt of approximately $1.7 billion at roughly six times net leverage. The quick-service franchisor is mid-turnaround following the Del Taco divestiture, with a cash-generative but stressed franchise model. RHK assigns an Extend With Caution / Heightened Monitoring posture given the leverage and loss-making results.

Updated 8/1/2026 · Industry: Foodservice Distribution

Jetro Holdings, LLC

Jetro Holdings (Jetro Cash & Carry / Restaurant Depot), the nation’s leading cash-and-carry foodservice wholesaler with 166 warehouses in 35 states, generates approximately $16 billion in annual revenue and $2.1 billion of EBITDA. The privately held company, backed by Leonard Green & Partners, is subject to a pending acquisition by Sysco Corporation announced March 30, 2026. RHK assigns an Extend / Standard Monitoring posture, citing scale, profitability, and the credit support of the pending investment-grade acquirer.

Updated 8/1/2026 · Industry: Foodservice Distribution

Performance Food Group Company

Performance Food Group, a Fortune 100 broadline foodservice, convenience, and specialty distributor, posted fiscal 2025 net sales of $63.3 billion and generated $1.07 billion of operating cash flow through the first nine months of fiscal 2026. Earnings are moving opposite to sales, however, with net income down 28.5% in the third quarter and 5.6% year-to-date even as revenue grew. RHK assigns an Open / Standard Monitoring posture with a substantial limit, subject to correctly identifying the operating subsidiary placing the order.

Updated 8/1/2026 · Industry: Big Box

PriceSmart, Inc.

PriceSmart, the only membership warehouse club operator across Central America, the Caribbean, and Colombia, operates 57 clubs serving over 4 million cardholders, with fiscal 2025 revenues of $5.27 billion and net income of $147.9 million. The company holds a net cash position of roughly $139 million against total debt of $183.1 million. RHK assigns an Open / Standard Monitoring posture with a substantial limit, noting currency effects flattered recent comparable-sales growth and requiring identification of the correct local operating subsidiary.

Updated 8/1/2026 · Industry: Grocery & Supermarket

Supermarket Industry Outlook (Sector Report)

The supermarket sector enters the second half of 2026 with stable pricing but a deteriorating unit line: food-at-home inflation ran 2.7% while every major operator posted comparable sales at or below 1%, and Albertsons cut guidance across every metric. The exposure for trade credit purposes concentrates in the independent and small regional tier, pressured by reduced SNAP participation, thin liquidity, and a rapidly consolidating wholesale distribution base. RHK moved its default posture for private independents to RHK-3 Negative.

Updated 7/1/2026 · Industry: Restaurant & Hospitality

iPic Entertainment Inc.

iPic Entertainment Inc. was an upscale dine-in movie-theater and restaurant operator headquartered in Boca Raton, Florida, that pioneered the premium single-destination entertainment concept combining luxury cinema with chef-driven dining and craft cocktails. It operated theater-and-restaurant destinations under the iPic brand along with affiliated restaurant concepts including City Perch, The Tuck Room, and Serena Pastificio, supported by a membership and sponsorship loyalty program.

Updated 7/1/2026 · Industry: Restaurant & Hospitality

Jack in the Box Inc.

Jack in the Box Inc. is a San Diego-based quick-service restaurant company that franchises and operates Jack in the Box hamburger restaurants, one of the larger burger chains in the United States. The business is predominantly a franchisor, earning royalties, rents, and fees from franchisees alongside sales at a smaller base of company-operated restaurants.

Updated 7/1/2026 · Industry: Foodservice Distribution

Labatt Food Service

Labatt Food Service is a privately held, third-generation family-owned broadline foodservice distributor headquartered in San Antonio, Texas, and the tenth largest foodservice distributor in the United States. The company markets and delivers food and related products to food-away-from-home operators, including regional chain restaurants, independent operators, school districts, quick-service chains, healthcare facilities, convenience and grocery retailers, and military bases across five southern states. Labatt distributes more than 14,000 items spanning center of plate, produce, dairy, frozen, dry grocery, disposables, and equipment and supplies.

Why Choose UCC?

The Intelligence Behind the Decision.

Trade Partners

338

Total A/R

$117,347,480

90+

Day Exposure

$1,373,721 across 71 trade partner(s) (1.2% of open book). Recommend collection escalation on aged tranches.

We’ve Worked the Losses. Not Just Modeled Them.

RHK Recovery Group has spent years recovering commercial debt, filing reclamation claims, and resolving preference disputes across these industries. That hands-on experience is the foundation of every rating we publish, grounding our analysis in the real-world behavior of companies that have actually defaulted. Few, if any, competitors can make the same claim.

An Author Signs Every Rating.

A score without accountability is just an estimate. Every UCC single-name rating is backed by a named analyst, a documented rationale, and a clear revision policy. When conditions change, the update is in writing and explains why the standard credit committees expect and the standard we uphold.

Deep Coverage Where Your Exposure Lives.

We cover ten sectors across every industry. That focus allows for deeper conviction, built on a thorough understanding of the sectors, companies, and market pressures we cover. For exposure in foodservice, grocery, hospitality, or mass merchandise, UCC delivers depth that broad-market alternatives can’t match.

Industries We Cover

Nine Verticals. No General Scores.

Built around the trade channels where credit risk concentrates and mistakes carry real costs, our coverage is informed by years of active collections work in these markets. We bring analyst-level expertise developed from the ground up to every vertical.

Foodservice Distribution

Foodservice Distribution

Public + Private · 82 Names

Broadline, specialty, and last-mile distributors at the operator level. The deepest vertical in the UCC coverage book — 82 named ratings across public and private entities, with particular depth in Northeast market relationships and independent restaurant exposure.

Restaurant & Hospitality

Restaurant & Hospitality

Operator-Level · 68 Names

Full-service, limited-service, and hotel operators with active trade vendor exposure. UCC covers the names on your invoices — from regional independent operators to national chains — with concentrated coverage in Long Island and the Northeast market.

Grocery & Supermarket

Grocery & Supermarket

Chain + Co-op · 54 Names

National chains, regional cooperatives, and independent operators. Analysis layers private label penetration and tonnage trend data into every assessment — the variables that drive payment behavior across the channel, not just headline financial metrics.

Drug & Pharmacy

Drug & Pharmacy

Distressed-Focus · 22 Names

Chain pharmacy, independent operators, and PBM-adjacent counterparties — with a distressed-credit specialty built for a channel still working through the Walgreens and Rite Aid restructuring cycle. Timely, accountable analysis for a vertical with active event risk.

Mass Merchandise

Mass Merchandise

Public Equity · 48 Names

Warehouse club, big-box discount, and dollar-channel operators. E-commerce penetration and tariff sensitivity are embedded in the analysis — reflecting the structural pressures reshaping the mass channel in real time, not just the balance sheet.

Home Centers

Home Centers

dolor sit amet · 38 Names

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Manufacturing

Manufacturing

Lorem ipsum · 38 Names

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Specialty Retail

Specialty Retail

dolor sit amet · 38 Names

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Big Box

Big Box

Lorem ipsum · 38 Names

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Trusted by the Teams Managing Real Exposure.

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  • Baldor Specialty Foods

KEY PLATFORM FEATURES

Our Research Desk Works Differently.

Analyst-Authored.
Not Algorithm-Scraped.

Every single-name note is authored by an analyst with direct sector experience. We defend our ratings in simple terms and revise them in writing when the facts change. No black-box outputs. No model-driven probabilities.

Narrow Coverage.
Deep Conviction.

Nine sectors, not fifty—foodservice distribution, restaurants and hospitality, grocery and supermarket, drug and pharmacy, mass merchandise, and adjacent verticals—covered with name-by-name conviction that broad-coverage services can’t match. Depth over breadth is the model.

Built Inside a
Collections Firm.

RHK Recovery Group recovers commercial debt across the same sectors. Every UCC rating is sharpened against real AR files, payment histories, and default sequences from active commercial relationships. Each report is where theory meets practice and is not extrapolated from public filings.

Live PACER Surveillance.

Daily Chapter 11 docket monitoring across federal bankruptcy courts is triaged against the UCC coverage universe and delivered as priority alerts. Reclamation windows close fast and preference exposure builds. Subscribers know before the headlines—and act on it.

Two credit professionals reviewing trade credit research together on a laptop

Contact Us

The Research Desk Is Open.

Subscribe for full access: single-name analyst notes, live PACER bankruptcy alerts, and sector intelligence across all ten verticals. Or book a 20-minute demo and see exactly what you would be working with before you commit.

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