Lucky’s Market has entered into an asset purchase agreement with a group led by company founders Bo and Trish Sharon for seven locations that will continue to operate under the Lucky’s banner, reports Progressive Grocer. The stores, which currently employ about 600 people, include Traverse City, Mich.; Cleveland and Columbus, Ohio; Columbia, Mo; Melbourne, Fla; and North Boulder and Fort Collins, Colo.
“We are grateful to our wonderful team members and customers for all their support, dedication and loyalty over the years,” says Bo Sharon. “While this is a difficult situation across our company, we remain passionate and optimistic that we can continue to offer our communities access to healthful foods in this smaller footprint, preserving hundreds of jobs.”
In addition, according to a published report citing documents filed in U.S. Bankruptcy Court in Delaware, Lucky’s Market owes The Kroger Co. more than $301 million. The Daily Camera, a newspaper in Boulder, Colo., reported, “In September 2016, Kroger provided Lucky’s with a secured loan of $23.3 million, followed by a $25.2 million loan in August 2017. Later that year, the companies ‘entered into agreements subsequently to, among other things, lend [Lucky’s] additional amounts over time,’ according to an affidavit from Lucky’s CFO Andrew Pillari.” Full Story Full Story
Related: Lucky's Market Files for Chapter 11 Bankruptcy; Lucky's Market Confirms Store Closings.
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