Lucky’s Market Sells Off More Stores

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Lucky’s Market Sells Off More Stores

By Bridget Goldschmidt - 02/05/2020
Lucky’s Market Sells off More Stores
Lucky's Market has found buyers for seven more of its Florida stores: Southeastern Grocers, Seabra Foods and Hitchcock's Markets

Bankrupt natural food chain Lucky’s Market has entered into asset purchase agreements with Southeastern Grocers, Seabra Foods and Hitchcock’s Markets, for a total of seven Florida locations.

Jacksonville, Fla.-based Southeastern Grocers will buy stores in Naples, Fort Meyers, Gainesville, Lake Mary and Melbourne and convert them to the company's Winn-Dixie banner; Union, N.J.-based Seabra Foods will buy the Hunters Creek location; and Alachua, Fla.-based Hitchcock’s Markets will buy the St. Petersburg store

Niwot, Colo.-based Lucky’s previously signed APAs with Batavia, Ill.-based Aldi for five leased store properties and the purchase of one owned property, with Lakeland, Fla.-based Publix Super Markets Inc. for five leased store properties, and with company founders Bo and Trish Sharon for seven ongoing leased store operations, which has since been amended to exclude the Melbourne, Fla., store, for a new total of six locations.

The agreements are subject to court approval and an overbidding process. New York-based investment M&A bank PJ Solomon continues to help Lucky’s in its sales of these and other company assets.

In the wake of the Kroger Co.’s divestment in Lucky’s last year, the company filed for Chapter 11 bankruptcy protection and began offloading most of its stores.

Kroger employs nearly half a million associates who serve more than 11 million customers daily through a seamless shopping experience under a variety of banner names. The company is No. 2 on PG’s 2019 Super 50 list of the top grocers in the United States. Publix, Aldi and Southeastern Grocers are Nos. 5, 9 and 13, respectively, on PG’s list.