Lucky's has auctioned off 23 stores and a distribution center to 10 parties, including Publix, Aldi, Southeastern Grocers, Schnucks and Dollar General
Bankrupt grocer Lucky’s Market has revealed the winning bids for 23 stores and a distribution center to 10 parties for about $29 million total, following a court-supervised virtual auction. Until earlier this year, Niwot, Colo.-based Lucky’s had operated 39 stores.
Lakeland, Fla.-based Publix Super Market Inc. was the winning bidder for five leased stores in Naples, Neptune Beach, Clermont, South Orange (Orlando) and Ormond Beach, Fla, for a purchase price of $11.5 million.Batavia, Ill.-basedAldi Inc. successfully bid for one owned property, in Oakland Park, Fla., and five leased stores in Coral Springs, Sarasota, Vineland, Colonial Landing (Orlando) and Venice, Fla., for $7.8 million.
Jacksonville, Fla.-based Southeastern Grocers LLC got four leased stores in Gainesville, Melbourne, Fort Meyers and Lake Mary, Fla., for $2.4 million; Cleveland, Ohio-based Dave’s Market entered the winning bid for two ongoing leased stores in its hometown and Columbus, Ohio, for $1.72 million; and Newark, N.J.-based Seabra’s Market successfully bid for the Hunter’s Creek, Fla., leased store for $1.25 million.
Meanwhile, LM Acquisition Co LLC, headed by Lucky’s Market founder Bo Sharon, was the winning bidder for two ongoing leased stores in North Boulder and Fort Collins, Colo., for $1.16 million.
For the six stores that will continue to operate as a going concern, employment offers will be made to the approximately 500 associates who work at them: North Boulder and Fort Collins, Colo.; Cleveland and Columbus, Ohio; Traverse City, Mich.; and Columbia, Mo.
“While our mandate is to maximize value, we are pleased that these stores and jobs will be preserved, particularly as they serve so many families and communities during this critical time,” noted Scott Moses, managing director and head – food retail and restaurants investment banking at New York-based PJ Solomon, which is acting as M&A investment banking advisor to Lucky’s.
Additionally, Lucky’s distribution center in Orlando went to Goodlettsville, Tenn.-based Dollar General Corp. for a purchase price of $1 million.
The results of the Lucky’s auction are subject to a final sale hearing slated for March 30. A leased store in Bonita Springs, Fla, and an owned property in Panama City, Fla., will potentially be subject to a later auction.