Stop & Shop, Pathmark Try to Buy Big V Stores
Pathmark Stores, Inc., has signed an agreement with The Stop & Shop Supermarket Company to acquire nine Big V Shop-Rite supermarkets in conjunction with Stop & Shop’s proposal to acquire 26 of the 31 Big V Shop-Rite supermarkets.
Under the terms of the agreement, Pathmark would pay $71 million, plus an amount for inventory, for the nine Big V stores, in New York and New Jersey counties. Because of the nature of the bankruptcy process and the existence of a competing Plan of Reorganization for Big V, there can be no assurances that Pathmark will be successful in acquiring the nine stores.
Moderator Comment: Which grocery operators stand the
most to gain/lose from the competing bids for Big V?
Wakefern and Big V have filed a competing plan in addition
to the one announced by Stop & Shop and Pathmark. Jim Donald and team have brought
Pathmark a very long way from where the chain was just a few years back. [George
Anderson – Moderator]