Haggen Pushes Core Store Auction Back Yet Again
BELLINGHAM, WA - It could be the legal delays or it could just be cold feet, either way—Haggen has decided to set back the auction date yet again for its 33 core stores.
As we’ve previously reported, the bankrupt retailer had pushed back its primary auction date from last Friday, February 5, to February 11. Now, Haggen has added an additional week and a half to make interested buyers wait, scheduling the auction for Monday, February 22.
Just as there were no explanations given for the delay last week, no explanations were given for this delay either, according to Q13 Fox News.
Haggen originally filed for bankruptcy in early September, prior to the company’s huge growth spurt following its purchase of 146 stores from Albertsons in 2014—a move that more than doubled its store count and the number of states in which it operates.
Following the move, however, the company began to quickly pull out of those new regions, laying off employees, and entering into a legal battle with Albertsons that ended in a settlement of over $5 million.
While Haggen’s original plan was to restructure its business around its 33 “core stores” the company determined to be the most strong and profitable, it was given permission by the courts to also auction those in mid-December of 2015.
Furthermore, Haggen had hired investment bank Sagent to explore further selling of the company, but it is still up to the individual companies that purchase the stores who have ultimate control over whether the Haggen name will live on or not.
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