Founders of bankrupt Lucky’s Market agree to buy 7 stores
NIWOT — Lucky’s Market founders Bo and Trish Sharon have entered into a purchase agreement to buy the seven Lucky’s locations that are not set to close as part of the company’s downsizing and bankruptcy.
The deal includes local stores in north Boulder and Fort Collins, as well as locations in Traverse City, Michigan; Cleveland and Columbus, Ohio; Columbia, Missouri; and Melbourne, Florida.
The seven stores employ about 600 people, according to a Lucky’s news release.
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“At the time of the filing, the company had sufficient cash on hand and an agreement for the consensual use of cash collateral,” according to a Lucky’s statement. “As such, the company should have the continued ability to meet its financial obligations, including those to its employees, as well as to vendors for the continued supply of product to its operating locations.”
Terms of the purchase agreement were not disclosed and have yet to appear in bankruptcy-court filings. The Sharons’ acquisition is subject to court approval.
“We are grateful to our wonderful team members and customers for all their support, dedication and loyalty over the years,” Bo Sharon said in a prepared statement. “While this is a difficult situation across our company, we remain passionate and optimistic that we can continue to offer our communities access to healthful foods in this smaller footprint, preserving hundreds of jobs.”
Last week, Lucky’s acknowledged the imminent closure of at least 32 of the company’s 39 locations. Lucky’s locations in Longmont and south Boulder were among those expected to close.
The Boulder-born and Niwot-headquartered natural-grocery chain filed a series of Chapter 11 bankruptcy petitions Monday in U.S. Bankruptcy Court in Delaware.
U.S. Bankruptcy judge John Dorsey issued an order Wednesday that sets hearings dates for the Lucky’s case on March 13 and April 14.
Lucky’s shed some more light Wednesday on its sales agreements with Aldi and Publix.
Aldi will purchase Florida Lucky’s locations in Coral Springs, Oakland Park, Sarasota, Vineland, Colonial Landing (Orlando) and Venice. Publix is buying stores in Naples, Neptune Beach, Clermont, South Orange (Orlando), and Ormond Beach.
Lucky’s “continues to have active dialogue with various additional potential buyers,” according to a company statement.
