Court approves Marsh deals to sell 26 grocery stores
Court approves Marsh deals to sell 26 grocery stores
News>Retail & Financial Kroger Fresh Encounter win Marsh sites at auction
stores go for $24M Jon Springer | Jun 13 2017
15 June, 2017, 02:21
Fresh Encounter now has 34 stores in OH and in, including Great Scot, Community Markets and Sack n' Save, to 44 stores. The Topvalco purchases include two stores in Muncie, Zionsville and Indianapolis and a store in Fishers.
A spokesman for Indianapolis-based Marsh Supermarkets says liquidation sales will begin Thursday at 18 stores not identified as sold to two Ohio-based buyers earlier this week.
Generative Growth LLC of Findlay, Ohio, has reportedly agreed to purchase 15 of the stores, including Tipton's, at a cost of $8 million. The company wants to pay $8 million for the four Marshes left in OH and 11 other in stores.
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.
Kroger and Fresh Encounters have said in court documents that it would proceed with the acquisition only if the restriction is removed. Marsh sold its pharmacy assets to CVS in April, and had agreed not to allow pharmacies in stores that had them for five years. Marsh has countered that the agreement only bars Marsh from operating pharmacies at the stores, and that the language is not enforceable under the bankruptcy code.
In the last several months, many stores closed around central IN, which the company said was due to poor performance and increased competition.
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