A representative for Kings Food Markets reports that there are no plans to close the Maplewood location, despite the Maplewood store being one of six outlets in the chain to be excluded from a pending sale to ACME Markets, a division of Albertsons Companies, Inc.
Kimberly Yorio of YC Media, representing Kings, confirmed that Maplewood Kings was not included in the sale but said that “the store is continuing to be marketed. So it could be sold to someone else.”
KB US Holdings, Inc., Kings’ parent company, has filed for bankruptcy under Chapter 11, and recently announced the sale of most of its stores to ACME Markets (see release below).
Asked if there were imminent plans to close the Maplewood location, Yorio said, “No, not at all. There are no plans to close the store.” She also noted that the sale of the other stores was subject to regulatory approval. “The sale is not final,” said Yorio.
Village Green spoke with Yorio on October 21.
“We’re monitoring reports and meeting with company representatives to understand what is happening,” said Maplewood Deputy Mayor Dean Dafis when reached by email on October 20. “Nothing has been verified yet despite social media threads reporting closures. We will get back to you as we have more information.”
Village Green will continue to follow this story.
From a press release:
KB US HOLDINGS, INC. KB US HOLDINGS, INC. ANNOUNCES AUCTION RESULTS
Kings Food Markets and Balducci’s Food Lover’s Market Stores to be Acquired by ACME Markets, a division of Albertsons Companies, Inc.
PARSIPPANY, NJ, October 14, 2020 – KB US Holdings, Inc., together with its debtor affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York, announced that, following a comprehensive sale process and auction conducted under Section 363 of the U.S. Bankruptcy Code, Kings Food Markets and Balducci’s Food Lover’s Market will be sold on a going concern basis to ACME Markets, a division of Albertsons Companies, Inc. for an all-cash purchase price of $96.4 million. Both Kings Food Markets and Balducci’s Food Lover’s Market will continue to serve their communities under their own banners through and after the closing of the sale.
“We are so pleased that with this successful bid from ACME that both the Kings and Balducci’s brands will continue their proud traditions of offering the finest food and premium service for our customers for years to come,” said Judy Spires, CEO of KB US Holdings, Inc. The transaction remains subject to review and approval by the Bankruptcy Court and regulatory authorities. Proskauer Rose LLP is serving as legal counsel, Ankura Consulting Group is serving as restructuring advisor and PJ Solomon is serving as investment banker to KB US Holdings, Inc. For additional information including access to Court filings and other documents related to the court-supervised process, please contact Prime Clerk.