The Associated Press reports that Fleming Cos. will close a dozen Rainbow Foods units in Minnesota and Wisconsin by mid-June. The stores are not included in the 31 units that Roundy's has offered to buy from Fleming from $82.5 million.
The federal bankruptcy court that is overseeing Fleming's operations will consider the Roundy's bid later this month.
The federal bankruptcy court that is overseeing Fleming's operations will consider the Roundy's bid later this month.
- KC's View:
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There is speculation that Roundy's bid is low, and will invite other competing bids for Rainbow. It's hard to say, but it certainly seems that low bids for retail and wholesale properties are the flavor du jour…so we wouldn't count on any major competition for Rainbow Foods.
Then again, we could be surprised.
