Yesterday, Cerberus Capital Management, L.P., the lead of a group of investors who own the Albertsons Companies Inc. grocery chain, received clearance from the Federal Trade Commission (FTC) to bid on Haggen “core stores,” which includes the Ferndale Haggen location, according to The Wall Street Journal via The Daily Bankruptcy Review.
A bankruptcy court document filed today indicates Haggen Inc. officials are seeking to enter into a purchase agreement to accept an offer of $106,167,725 from Albertsons Cos. to purchase 29 core stores. Now it is up to the bankruptcy court to approve the deal.
According to another court document filed today, if the purchase is approved, the transfer of ownership will happen over four months.
A sale hearing is scheduled for March 29th at which time the court can approve or not approve the terms of the sale.
While the Albertsons name is used solely throughout the court documents, the alternative “or its designee” is also included throughout. This creates the opening for other brands under the investors’ management to replace the Haggen brand name at these locations. Other brand names managed by the investors includes Safeway, Vons, Pavilions, Randalls, Tom Thumb, Carrs, ACME, Jewel-Osco, Lucky, Shaw’s, Star Market, Super Saver, United Supermarkets, Market Street and Amigos.