Economy

Court filing: Marsh seeks OK to sell 26 grocery stores

Court filing: Marsh seeks OK to sell 26 grocery stores

A bankruptcy court document says two Ohio-based grocery chains have agreed to buy 26 of Marsh Supermarkets' 44 remaining stores for a total of $24 million. But the future of the two Marsh stores in Kokomo remains uncertain.

The deal hinges on the outcome of a dispute between Indiana-based Marsh and CVS Pharmacies.

The additional stores up for auction are reportedly under consideration to be sold to Generative Growth LLC, an Ohio-based company and owner of Fresh Encounter Family of Companies and its retail banners.

The paperwork filed for the judge's approval indicates that Marsh is potentially selling 11 "core" stores to the Kroger subsidiary for the amount of $16 million. The company wants to pay $8 million for the four Marshes left in OH and 11 other in stores. Fresh Encounter will acquire stores in New Palestine; Marion; Indianapolis (2 stores: Fox Road and New Jersey Street); Columbus; Hartford City; Elwood; Tipton; Pendleton; Richmond and Greenberg, Ind.; as well as stores in Troy; Van Wert; Middletown and Eaton, Ohio. There's no word yet what will happen to the 18 Indiana Marsh stores no one offered to buy.

And the deal with Kroger and Fresh Encounter isn't sealed yet.

But there's a problem: the two companies want to be able to put pharmacies back in the stores.

Marsh sold its pharmacy assets to a CVS subsidiary in April. Additionally, notes on the file indicated an objection from one of the property owners to the Kroger purchase, without specifying further details.

The next hearing on the proposed sales is Wednesday in federal bankruptcy court in Delaware.


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