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The
Kroger Co. high bidder for
Lincoln Eagle store
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[AUG.
22, 2003]
MILAN -- Eagle Food Centers,
which owns and operates supermarkets in Illinois and Iowa, announced
Wednesday that it has accepted bids for certain assets of eight of
its stores.
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The
Kroger Company has emerged as the highest and best bidder for
the following six stores: Sterling, Lincoln, Decatur, Ottawa and two
stores in Rockford. SVT LLC emerged the successful bidder for the
Kankakee store, and Harold E. Wisted was deemed the successful
bidder with respect to the Woodstock store. In addition, on Aug. 19
a purchase agreement between Eagle Foods and J.B. Sullivan Inc. for
the sale of Eagle's Freeport store was filed with the court and will
be heard for approval at the Sept. 11 hearing.
Eagle intends to submit the results of
Wednesday's auction for approval of the sale of such assets by the
U.S. Bankruptcy Court for the Northern District of Illinois at a
hearing in Chicago on Sept. 11.
Jeff Golc, a spokesman for The Kroger
Company, said that there are no definite plans for the Lincoln store
or any of the other stores the company won bids on. Their bids and
bids won by other companies will go before the bankruptcy court for
review on Sept. 11. The court may accept any, all or none of the
bids. So until that time, bidders don't really have the stores, and
nothing is definite.
[to top of second column in
this article]
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Eagle continues to pursue opportunities
for the balance of its stores, including setting a subsequent
auction for 10 of its stores on Aug. 28 and extending the bid
deadline to Sept. 11 for the remaining stores.
As previously announced, a court
hearing has been scheduled for Aug. 21 to consider the sale of
certain assets of the Dubuque, Moline and Bettendorf, Iowa,
locations to Hy-Vee and certain assets of the Rochelle location to
J.B. Sullivan.
The company
operates 50 Eagle Country Markets in Iowa and Illinois.
[Eagle
Foods press release]
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