Marsh Identifies Two Buyers
Liquidation sales will continue until the merchandise is sold
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowBankruptcy court documents have revealed two successful planned bids for Indianapolis-based Marsh Supermarkets. The company, which filed for Chapter 11 bankruptcy protection a month ago, has 44 remaining stores in its portfolio. The sales to Cincinnati-based Kroger Co. (NYSE: KR) subsidiary Topvalco Inc., and Generative Growth II LLC, whose grocery chain-owning parent is also based in Ohio, involve a combined 26 locations for a total of $24 million. Marsh has said the sale attracted "numerous bidders."
The documents, filed in U.S. Bankruptcy Court for the District of Delaware also outline responses from Marsh to objections from CVS that involve a previously-announced sale of pharmacy assets for $37 million. The previous agreement includes noncompetitive provisions that would keep new pharmacies from opening in the old spaces. Marsh says the bids are contingent upon the buyers being able to open pharmacies inside the stores they plan to purchase.
In a separate filing, Marsh detailed which stores are slated to be sold to which buyer. They include:
Topvalco’s proposed acquisitions:
- 1825 Kinser Pike in Bloomington
- 843 E. Main Street in Brownsburg
- 10679 N. Michigan Road in Zionsville
- 5 Boone Village in Zionsville
- 2904 South State Road 135 in Greenwood
- 123 S. Kingston Drive in Bloomington
- 1500 West McGalliard in Muncie
- 1435 West 86th Street in Indianapolis
- 715 South Tillotson in Muncie
- 227 West Michigan Street in Indianapolis
- 12520 East 116th Street in Fishers
Generative Growth’s proposed acquisitions:
- 5802 West U.S. 52 in New Palestine
- 1013 Forest Ave in Marion
- 1107 South Shannon in Van Wert, Ohio
- 11625 Fox Road in Indianapolis
- 3075 East 25th Street in Columbus
- 621 North University Boulevard in Middletown, Ohio
- 982 North Market in Troy, Ohio
- 1711 North Walnut in Hartford City
- 223 Aukerman in Eaton, Ohio
- 1515 South State Road 37 in Elwood
- 899 East Jefferson in Tipton
- 3015 West U.S. 36 in Pendleton
- 320 North New Jersey Street in Indianapolis
- 501 National Road West in Richmond
- 736 West Main Street in Greensburg
A spokesman for Marsh says the company has no comment about the bidding at this time.