Bellingham, Wash., 2015-10-6 — /EPR Retail News/ — Haggen today announced that it has filed motions with and is seeking the approval of the bankruptcy court to establish procedures for ongoing sales. The motions present global bidding procedures, stalking horse package bid procedures and a schedule of stores being sold.
Haggen is seeking a court hearing on October 19, 2015 to hear the Company’s proposed global bid procedures. Parties interested in participating in the sale of stores need to submit an indication of interest by no later than October 26. The procedures provide for a deadline for submission of bids to purchase some or all of the assets on 5:00 p.m. ET on November 2, with an auction scheduled on November 9. The hearing to consider the results of the auction will be held on November 24. In the event no auction is conducted for a stalking horse package or if one of the stalking horse bidders is the successful bidder for its package after the auction and the contracts identified in the original bid have not changed, a sale hearing for those stores will be held on November 13 instead. All dates are tentative and subject to bankruptcy court approval.
Haggen previously requested approval to begin going out of business sales in the identified non-core locations and will exit operations during the last weeks of November. The sale process has been designed to be fair and transparent in order to derive the highest bid for the stores and to maximize value for the estate and creditors in an orderly process. The procedures will allow the sale auction(s) to be conducted in a controlled, fair and open fashion that will encourage participation of financially capable buyers.
Haggen also filed motions to approve two separate asset purchase agreements for stalking horse bidder packages. Gelson’s Markets signed an asset purchase agreement for 8 stores in California and Smart & Final LLC signed an agreement for 28 stores in California and Nevada. Both agreements are subject to bankruptcy court approval.
Sagent Advisors, LLC has been retained to coordinate the sale process for Haggen. Parties interested in learning more about the process can contact Sagent at (212) 904-9400.
Stores included in the asset purchase agreement with:
Gelson’s Markets
STORE METRO AREA
California
Carlsbad – El Camino Real Carlsbad
Del Mar – Via De La Valle, Del Mar
Ladera Ranch – Crown Valley Parkway Ladera Ranch
Laguna Beach – South Pacific Coast Hwy., Laguna Beach
La Jolla – Turquoise St San Diego
Rancho Mirage – Bob Hope Drive Rancho Mirage
Santa Monica – Lincoln Blvd Santa Monica
Thousand Oaks – Avenida De Los Arboles, Thousand Oaks
Smart & Final LLC
California
Atascadero – El Camino Real Atascadero
Carlsbad – Carlsbad Village Dr Carlsbad
Carpinteria – Linden Avenue Carpinteria
Chino Hills – Chino Hills Pkwy Chino Hills
Chula Vista – East H St Chula Vista
Corona Del Mar – Coast Highway Corona Del Mar
Coronado – B Ave Coronado
El Cajon – Camino Canada El Cajon
El Cajon – Fletcher Pkwy El Cajon
La Mesa – Avocado Avenue La Mesa
Newbury Park –Newbury Road Newbury Park
Palmdale – W Avenue N Palmdale
Paso Robles –Creston Road Paso Robles
Redondo Beach – N. Pacific Coast Hwy. Redondo Beach
San Diego – Tierra Santa Bl. San Diego
San Diego – Westview Pkwy San Diego
San Luis Obispo – Johnson Ave San Luis Obispo
San Pedro – W 25th St San Pedro
San Ysidro – W San Ysidro Blvd San Ysidro
Santa Barbara – State St. Santa Barbara
Santee –- Magnolia Ave. Santee
Simi Valley – Los Angeles Avenue Simi Valley
Torrance – Hawthorne Blvd Torrance
Trabuco Canyon – Plano Trabuco Rd. Trabuco Canyon
Ventura – Telegraph Road Ventura
Westlake Village – Lindero Canyon Rd Westlake Village
Yorba Linda – Yorba Linda Blvd. Yorba Linda
Nevada
Las Vegas – Village Center Circle Las Vegas
Media Contact
Deborah Pleva
press@haggen.com