USA: Stop & Shop files reorganisation plan for Big V supermarkets
The Stop & Shop supermarket company and representatives of certain creditors of Big V have filed a Joint liquidating plan of reorganisation that provides for the purchase of 26 Big V Supermarkets by Stop & Shop pursuant to an asset purchase agreement, the form of which was previously filed with the bankruptcy court.
Separately, Stop & Shop has entered into an agreement with Pathmark Stores under which Pathmark would join with the Stop & Shop transaction and acquire nine of the 26 stores.
The acquisition is subject to approval by the bankruptcy court and the Big V creditors as well as regulatory approval. Because of the nature of the bankruptcy process, there can be no assurances that Stop & Shop will be successful.
The Stop & Shop supermarket company, based in Quincy, Massachusetts, operates 320 stores in Massachusetts, Rhode Island, Connecticut, New York and New Jersey, and employs more than 56,000 associates.
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