Published: Thu, June 15, 2017
Markets | By Lucia Cruz

Court approves Marsh deals to sell 26 grocery stores

Court approves Marsh deals to sell 26 grocery stores

During a Wednesday morning hearing in US bankruptcy court in DE, attorneys for the Rhode Island-based pharmacy giant said they no longer objected to the store acquisitions, after the two buyers agreed not to open pharmacies in the stores until at least January 31, 2018.

Kroger has not yet commented on what the bankruptcy will mean for plans for two new Zionsville stores, one at The Farm at 116th Street and Michigan Road, and one at County Road 300 North and Michigan Road. The company closed its other, less profitable stores in May as it filed for Chapter 11 bankruptcy protection.

The other bidder is a corporation called Generative Growth II, which owns Fresh Encounter.

Fresh Encounters bid $8 million on four locations in OH and 11 others around central Indiana.

Generative Growth agreed to buy two Indianapolis stores; other IN stores IN Columbus, Elwood, Greensburg, Hartford City, Marion, New Palestine, Pendleton, Richmond, and Tipton; and OH stores IN Eaton, Middletown, and Troy, IN addition to Van Wert.

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Marsh's 44 remaining stores went to auction Monday, and two Midwest grocery chains came out on top.

And the deal with Kroger and Fresh Encounter isn't sealed yet. CVS was fighting to enforce a provision in that deal barring those stores from reopening pharmacies for five years.

CVS requested to halt the sale motion "until a date that is no less than three weeks from June 14" to provide the company time to take a look at all legal issues surrounding their previous agreement with Marsh.

The next hearing on the proposed sale is tomorrow in federal bankruptcy court in Delaware.

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