Two grocery stores were saved from bankruptcy
The new owner will keep most open sites under the same names.
KB US Holdings, the parent company of the East Coast grocery chainsBaducci food lovers and royal food markets,filed for bankruptcy in August, citing financial struggles dating from pre-pandemic time. Albertsons Cos. ACME MARKETS DIVISION Inc. has recently won an auction chapter 11 for the two supermarket operators, which it plans to operate under the same names.
Albertsons has nearly 4,000 grocery stores and pharmacy across the nation, including Safeway and Jewel-Osco, according toSupermarket News. With a cash offer of $ 96.4 million, its ACME division won the auction for nearly three dozen grocery stores of KB US Holdings, The Wall Street Journalreported. A Backup Bidder, TLI Bedrock LLC, had offered $ 75 million. (To find out which fast food chains leave your city due to bankruptcy, check out9 restaurant chains that have closed hundreds of locations this summer.)
Prior to the deposit of the bankruptcy, the two grocery chains operated jointly 35 locations-25 kings and 10 Balducci in Connecticut, Maryland, New Jersey, New York and Virginia. The new property offer covers 27 locations, according to the newspaper. While shop closures were expected during the restructuring of society, loyal buyers from gastronomic supermarkets will be delighted to learn that the two brands are probably changing significantly - at least for the moment.
"We are so happy that with this successful ACME offer, the brands of Kings and Balducci will continue their proud traditions to offer the most refined and high quality restaurants for our coming customers," Judy Spiers, CEO of KB US Holdings, said Supermarket News in a statement.
The high-end grocer BALDUCCI was founded in 1915 in New York. The first place of Kings Food Market opened in 1936 in Summit, New Jersey.
Before the pandemic, the bankruptcy of KB Holdings reported historically low gains due to the competition of the main national channels and national delivery services, as well as labor costs, depending on its bankruptcy deposit. While grocery stores saw an increase in sales this year, the brief increase was not enough to inoculate society from its long liquidity struggles.
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