Acme Markets, a wholly-owned subsidiary of Albertsons, plans to purchase 27 Kings Food Markets and Balducci’s Food Lover’s Markets for $96.4 million. Acme had the winning bid in a bankruptcy auction held earlier this month.
KB US Holdings, the parent company for Kings and Balducci’s, had accepted a $75 million bid from investment firm TLI Bedrock when it filed for Chapter 11 Bankruptcy protection in August. However, in a recent court filing the bid was designated as a backup offer.
Albertsons said the upscale King’s and Balducci’s stores will retain their banners and become part of its Mid-Atlantic division, along with Acme and Safeway.
Kings currently operates 25 specialty gourmet supermarkets – 23 in New Jersey and one each in New York and Connecticut. Balducci’s has nine gourmet market stores in New York, Connecticut, Maryland and Virginia. Since Acme is acquiring 27 stores, five locations will be left unsold.
Acme Markets operates 164 stores in Pennsylvania, New Jersey, Delaware, New York, Connecticut, and Maryland. Albertsons is the nation’s second-largest supermarket operator, with 2,252 retail stores under more than 20 banners, plus 1,726 pharmacies and 402 fuel centers. The company’s operations are in 34 states and the District of Columbia.