Retailers

23 Lucky’s Stores Sold in Bankruptcy Auction

Aldi, Publix, Southeastern Grocers gain multiple Florida stores as estate nets $29 million
lucky's market
Photograph by WGB staff

Lucky’s Market raised about $29 million through a bankruptcy auction of 23 of its stores and a distribution center to 10 different buyers led by Publix, Aldi and Southeastern Grocers.

Niwot, Colo.-based Lucky’s Market filed for Chapter 11 bankruptcy protection in January, shortly after losing an investment partner in The Kroger Co.

Six stores will continue to operate as a going concern and employment offers will be made to the approximately 500 team members at those stores, which include the Lucky’s Market stores in North Boulder and Fort Collins, Colo.; Cleveland and Columbus, Ohio; Traverse City, Mich.; and Columbia, Mo.

Lakeland, Fla.-based Publix Super Markets was the winning bidder for five leased stores in Florida, including Naples, Neptune Beach, Clermont, South Orange (Orlando) and Ormond Beach, for a purchase price of $11.5 million.

Aldi, Bativia, Ill., was the winning bidder for one owned property in Oakland Park, Fla., and five leased stores in Florida, including Coral Springs, Sarasota, Vineland, Colonial Landing (Orlando) and Venice, for a purchase price of $7.8 million.

Southeastern Grocers, the Jacksonville, Fla.-based parent of the Winn-Dixie chain, was the winning bidder for four leased stores in Florida, including Gainesville, Melbourne, Fort Myers and Lake Mary, for a purchase price of $2.4 million.

Dave’s Market, a 13-store operator based in Bedford, Ohio, was the winning bidder for two ongoing leased stores in Cleveland and Columbus, Ohio, for a purchase price of $1.72 million.

Seabra’s Market was the winning bidder for the Hunter’s Creek, Fla., leased store for a purchase price of $1.25 million.

LM Acquisition Co. LLC, led by Lucky’s Market founder Bo Sharon, was the winning bidder for two ongoing leased stores in North Boulder and Fort Collins, Colo., for a purchase price of $1.16 million.

Dollar General Corp. was the winning bidder for the Orlando distribution center for a purchase price of $1 million. That facility could presumably help the Goodlettsville, Tenn.-based discounter expand fresh-food distribution.

Schnuck Markets, St. Louis, was the winning bidder for an ongoing leased store in Columbia, Mo., for a purchase price of $860,000.

Oryana Food Cooperative, based in Traverse City, Mich., was the winning bidder for an ongoing leased store in Traverse City, for a purchase price of $860,000.

Hitchcock’s Market was the winning bidder for the St. Petersburg, Fla., leased store for a purchase price of $275,000.

The results of the auction are subject to a final sale hearing scheduled for March 30.

An additional leased store in Bonita Springs, Fla., and an owned property in Panama City, Fla., will potentially be subject to a subsequent auction.

PJ Solomon is acting as Lucky’s investment banker, Polsinelli is serving as the company’s legal counsel and Alvarez & Marsal is serving as the company’s restructuring adviser.

Trending

More from our partners