Court approves Marsh deals to sell 26 grocery stores

Adjust Comment Print

One possible obstacle to the sale is an objection by CVS Health, which purchased the pharmacy accounts from Marsh in April.

There was no mention in the paperwork, filed by Indianapolis-based Marsh as part of its Chapter 11 bankruptcy case in the state of DE of the fate of the 18 other stores on the block, the Star Press, in Muncie, Ind., reported.

Two Ohio-based firms offered to buy more than half of the remaining Marsh grocery stores.

The company was founded in 1964 and changed its name in 1995 to Fresh Encounters.

Now, the only issue delaying a U.S bankruptcy judge in DE from signing off on the acquisitions is an objection filed by the landlords of Lockerbie Marketplace, where Marsh operates one of its two downtown stores. The deal hinges on the outcome of a dispute between Marsh and CVS Pharmacies. As a condition of the purchase, CVS negotiated that the Marsh stores where a pharmacy operated be precluded from operating another pharmacy for five years.

More news: West Ham United's 2017/18 schedule released
More news: Why Comey never ordered an independent probe into Clinton's emails
More news: Astros score 5 in 9th to top Royals 6-1

According to the filing, Topvalco Inc.is a Kroger Co. entity that is set to purchase 11 Marsh locations for a total of $16 million.

Marsh released the winning bidders who will take ownership of 26 Marsh properties across IN and OH, including the two IN Zionsville.

If the judge signs off on the deal, it would appear that Fresh Encounter will buy the 15 stores for a song.

The next hearing on the proposed sales is Wednesday in federal bankruptcy court in Delaware.

The $16 million Kroger has agreed to pay for 11 stores did not include any inventory.

Comments