Shaw's to Buy Control of Former Ames Department Store Leases
BOSTON - East Bridgewater, Mass.-based Shaw's Supermarkets Inc. has disclosed plans to buy control of 18 former Ames Department Store leases, many in Massachusetts, according to published reports.
Ames' bankruptcy court filings show Shaw's has an agreement to pay $48.5 million for lease designation rights to 16 stores, along with two stores owned by Ames. That deal is subject to a bankruptcy judge's approval and higher bids.
Shaw's spokesman Bernard Rogan said last week that the chain intends to operate the stores as Shaw's supermarkets.
Shaw's recently announced plans to spend $4.4 billion over the next three years to add or replace 30 stores, many in Massachusetts. Stop & Shop Supermarket Co. is also expanding, as are a variety of independent supermarket players and big-box retailers.
Ames said in August that it would go out of business, and is now selling off real estate assets. Earlier this summer, Shaw's bought two leases of former Ames stores in Maine.
Ames' bankruptcy court filings show Shaw's has an agreement to pay $48.5 million for lease designation rights to 16 stores, along with two stores owned by Ames. That deal is subject to a bankruptcy judge's approval and higher bids.
Shaw's spokesman Bernard Rogan said last week that the chain intends to operate the stores as Shaw's supermarkets.
Shaw's recently announced plans to spend $4.4 billion over the next three years to add or replace 30 stores, many in Massachusetts. Stop & Shop Supermarket Co. is also expanding, as are a variety of independent supermarket players and big-box retailers.
Ames said in August that it would go out of business, and is now selling off real estate assets. Earlier this summer, Shaw's bought two leases of former Ames stores in Maine.