Monday, December 2, 2024
HomeBusiness NewsAcme Markets Buys 27 Kings Food Market, Balducci’s Locations

Acme Markets Buys 27 Kings Food Market, Balducci’s Locations

PARSIPPANY — Malvern, Pa.-based Acme Markets, which is owned by Albertsons, announced plans this week to buy 27 Kings Food Market and Balducci’s Food Lovers Market stores.

The expected purchase price is $96.4 million, and the transaction should close later this fiscal year, pending the standard regulatory approvals, according to a news release.

Acme said Wednesday that it expects to finalize the transaction later this fiscal year, pending customary closing conditions and regulatory and court approvals. KB US Holdings, parent of Kings and Balducci’s, put the chains up for sale in August upon filing for Chapter 11 bankruptcy protection.

At the time of its Chapter 11 filing, Parsippany-based KB Holdings — whose majority owner is GSSG Capital Corp. — said it had accepted a $75 million stalking-horse bid for the Kings and Balducci’s stores from New York investment firm TLI Bedrock. But in an October 14 bankruptcy court filing, the stalking-horse bid was designated as the backup bid.

Plans call for the upscale Kings and Balducci’s grocery stores to retain their banners and become part of Albertsons’ Mid-Atlantic division, which operates Acme and Safeway supermarkets on the East Coast.

spot_img
spot_img
spot_img
spot_img
Frank L. Cahill
Frank L. Cahill
Publisher of Parsippany Focus since 1989 and Morris Focus since 2019, both covering a wide range of events. Mr. Cahill serves as the Executive Board Member of the Parsippany Area Chamber of Commerce, Governor-Elect NJ District Kiwanis International and Chairman of Parsippany-Troy Hills Economic Development Advisory Board.
Recent Articles
- Advertisment -spot_img
- Advertisment -spot_img
- Advertisment -spot_img
- Advertisment -spot_img
- Advertisment -spot_img
- Advertisment -spot_img
- Advertisment -spot_img

Local News

- Advertisment -spot_img
Sign up today for FOCUS NEWSspot_img

Click on image to read magazine

Parsippany Focus Magazinespot_img
Translate »