47 Haggen Stores Approved by Judge for Sale; 30 Go to Albertsons
BELLINGHAM, WA - The U.S. Bankruptcy Court for Delaware in Wilmington has approved and confirmed Haggen’s sale of 47 stores to a variety of retail chains, including Albertsons, Smart & Final, Sprouts Farmers Market, and Stater Bros.
While the completion of all these transactions remains subject to certain conditions, according to a press release, the final numbers look to be giving a good majority of the stores (30 of those listed) on the auction block back to Albertsons.
As we previously reported, the combined sale from this approval and the recent 55 that were approved earlier this month make for a combined 91 stores sold for a total of $139 million, including eight stores to Gelson’s Markets across California for $36 million and 28 California locations to Smart & Final for $56 million.
A complete breakdown of the most recently approved stores’ new owners and locations can be seen below:
Haggen added that both Stroock & Stroock & Lavan, LLP and Young, Conway, Stargatt & Taylor, LLP serve as legal counsel, with real estate investment advisors of Sagent Advisors, and Alvarez & Marsal as restructuring advisors to Haggen, Inc.
This is the latest move in Haggen’s plan to condense its brand since filing for Chapter 11 Bankruptcy last September.
AndNowUKnow will continue to report on this and other events that influence the retail market.