The winning bids for 27 grocery store bankruptcy auctions submitted by a division of the country’s second-largest supermarket operator include the Kings Food Market in Garden City, two union representatives said. ..
Albertsons Companies Inc, based in Boise, Idaho. Acme Markets Inc, a division of the company. Is KB US Holdings Inc. Bid $ 96.4 million on 27 Kings Food Markets and Balducci’s Food Lover’s Markets at the Bankruptcy Auction. Kings Food in Garden City on 870 Franklin Avenue.
KB is the owner of 35 East Coast grocery stores based in Parsippany, NJ. The 25 Kings Food Markets are high-end chains and the 10 Balducci Food Lovers Markets are specialty gourmet chains.
“This successful bid from Acme allows both Kings and Balducci brands to continue their proud tradition of providing the best food and premium service to their customers,” said Judy Spires, CEO of KB. I’m glad to hear that, “said in a statement on Tuesday.
Acme and KB did not say which 27 stores would be part of the sale, but they do require the approval of the Bankruptcy Court and the US Federal Trade Commission.
However, the representatives of United Food and Commercial Workers International Union Local 1500 in Westbury and Local 342 in Mineola both represent employees of Kings Food Market in Garden City, and the store is part of the sale. He said he would continue to operate.
According to KB, about 70 people work in the Garden City store.
UFCW Local 342 represents 23 employees in the store’s meat and seafood sector, said Keeley Lampo, Director of Operations and Communications at Local 342.
The UFCW Local 1500 represents approximately 40 employees working as cashiers and in agricultural, dairy and other sectors, Rob Newell said.
According to KB Bankruptcy Court documents, 66% of Kings workers are members of the union, two of the members’ pension funds are underfunded, and one is from UFCW Local 1500.
According to Newell, contracts need to be negotiated between Acme and the union.
A court hearing to consider approving the sale is October 22nd.
KB filed for Chapter 11 protection with the Federal Bankruptcy Court in Southern New York in August.
In July, Manhattan investment firm TLI Bedrock submitted a $ 75 million stalker bid or start bid to buy a KB containing 30 stores, according to court documents.
Currently, TLI offers are considered “backup bids”.
Albertsons Companies operates 2,252 stores in 34 states and Washington, DC, with 20 names, including Albertsons, Safeway, and Acme.