Bashas' Ownership Could Be Left Up to Bankruptcy Judge

February 26, 2010
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A bankruptcy judge ultimately could determine whether the Chandler, Ariz.-based Bashas’ supermarket chain emerges from bankruptcy under the control of its current owners or is sold to Boise, Idaho-based Albertsons LLC, The Arizona Republic reported. According to a Feb. 26 article in the newspaper, the bankruptcy judge also could “leave the door open for another buyer in a decision that could have a major impact on metro Phoenix’s ultracompetitive grocery market.”

Bashas' filed for chapter 11 bankruptcy in the summer of 2009, the newspaper added. Since then, the company has closed 30 stores, reduced its workforce by 1,000 employees and settled a long-standing dispute with the United Food and Commercial Workers Union Local 99.

Various sources said that Bashas' rejected an offer this week of at least $260 million from Albertsons. Despite the rejection, Albertsons plans to keep pursuing its efforts to acquire Bashas' in bankruptcy court.

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