Winning bidders for 23 Lucky’s Market stores were named following the March 26 court-supervised virtual auction, conducted by investment banking adviser PJ Solomon. Lucky’s Market is a natural foods chain based in Niwot, Colorado.
Bidders included Publix, Aldi, Southeastern Grocers, Dave’s Markets, Seabra’s, LM Acquisition Co. (Lucky’s founders Bo and Trish Sharon), Schnuck’s, Oryana Food Cooperative and Hitchcock’s. Dollar General was named the successful bidder for the company’s Florida distribution center. The combined value is approximately $29 million.
Six stores will continue to operate as a going concern, including the Lucky’s stores in North Boulder, Colorado; Fort Collins, Colorado; Cleveland, Ohio; Columbus, Ohio; Traverse City, Michigan; and Columbia, Missouri.
Employment offers will be made to the approximately 500 team members at these six stores.
“While our mandate is to maximize value, we are pleased that these stores and jobs will be preserved, particularly as they serve so many families and communities during this critical time,” stated Scott Moses, head of food retail and restaurants investment banking with PJ Solomon, following the auction.
PJ Solomon, headquartered in New York, New York, is acting as M&A investment banking advisor to Lucky’s.
Lucky’s Market announced Jan. 27 that it filed for Chapter 11 bankruptcy protection.