Following the announcement on January 21st that Lucky's Market aimed to shut 32 of 39 stores and file for Chapter 11 bankruptcy protection the Company has successfully found buyers for 24 stores. The stores in Florida will be acquired by Aldi and Publix. Other buyers will take over Lucky's stores in the Midwest and Colorado.
Given the Chapter 11 status of Lucky's, the purchase and lease agreements will be subject to approval of a court to ensure that creditors' interests are satisfied. The demise of Lucky followed the divestiture by the Kroger Company from the chain following the initial investment during mid-2016.
The recent agreements secure the tenure of employees and will extend the availability of retail sales to existing customers. It is hope that the acquiring chains benefit from their investments.