A month ago, Marsh Supermarkets filed for Chapter 11 due to concerning financial issues. Since then, the company has been promoting its remaining 44 stores to sale to find parties interested in new purchases. Kroger is officially one of these bidders. Together with an Ohio grocery store, the company will take advantage of Marsh’s bankruptcy filing.
Recent Documents Related to Marsh’s Bankruptcy Filing Disclosed Investors
On Tuesday, there appeared official federal documents related to Marsh bankruptcy situation. These files indicated that a subsidiary of supermarket brand Kroger is going to purchase at least 11 out of 44 stores that are still under Marsh’s possession. Other locations will enter the property of an Ohio-based company that enjoyed incremental growth over the last months.
The documents constitute a request for the court on behalf of Marsh to receive approval on these new arrangements. Furthermore, they suggest that the price tag for the 11 stores is of $16 million. Another 15 locations will be heading to Generative Growth LLC, and they are worth $8 million.
Generative Growth is seeking to extend its portfolio of stores. Back in February, the company bought 10 Remke Markets which enabled the organization to earn more presence in the Cincinnati region. These 10 points are running under the Fresh Encounter brand.
An ulterior document revealed which assets Kroger saved for itself after Marsh’ bankruptcy filing. Some of them are on Wheeling Avenue, South Tillotson Avenue, and McGalliard Road. As for Generative Growth, it is going to receive the location on North Walnut Street in Harford City.
However, there are still some stores left that survived this wave of bidders. On the other hand, Marsh might seek some other interested investors for these assets as well. The company was highly affected by the rise in competition in its industry. Walmart empire carried most of the blame for the fate of Marsh. The company tried to regain control of its business by selling and closing some of its stores. However, the situation degenerated too much. Therefore, the company filed for bankruptcy on May 11.
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