Haggen said on Friday that it has accepted a bid by Albertsons to acquire 29 of its "core" stores. The retailer said it will sell the three stores not included in the deal.
According to the Seattle Times story, "A lengthy contract filed in bankruptcy court indicates Albertsons will pay a 'base amount' of $106 million, subject to various adjustments. The deal requires approval from the bankruptcy court in Delaware overseeing the dismantling of Haggen’s remains." Once those approvals come, Haggen will begin going-out-of-business sales at the three units.
According to the Seattle Times story, "A lengthy contract filed in bankruptcy court indicates Albertsons will pay a 'base amount' of $106 million, subject to various adjustments. The deal requires approval from the bankruptcy court in Delaware overseeing the dismantling of Haggen’s remains." Once those approvals come, Haggen will begin going-out-of-business sales at the three units.
- KC's View:
- What a hairball this whole thing has been. It is a sorry end to a saga in which Albertsons was forced to sell off stores after it acquired Safeway, 33-unit Haggen bought 146 of the stores and then went bankrupt after it found that it did not have the infrastructure, strategic acumen or management expertise to run a company that big. And, to make matters worse, the it was federal antitrust regulators that forced the whole thing to happen in the first place ... and now seem remarkably unrepentant about their role in this fiasco, only reinforcing the notion that we have to redefine the idea of "fair competition" for the 21st century.
