The privately-held New York retailer Big V Supermarkets will be acquired by Wakefern Food Corp. in a reorganisation deal to rescue the company from its chapter 11 case, the US Bankruptcy Court for the District of Delaware has confirmed.
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Under the plan, substantially all of Big V’s assets, including 27 stores in the Hudson Valley of New York and central New Jersey, will be acquired by ShopRite Supermarkets, a subsidiary of Wakefernm.
President and CEO of Big V, Jim Toopes, said: “Throughout its chapter 11 case, Big V’s primary objective has been to develop and implement a plan of reorganisation that provides superior value to our creditors and is in the best interest of our associates, customers, suppliers and other stakeholders.
“We believe the plan confirmed today achieves that objective. We are grateful for the continuing support of our associates and customers and are eager to complete an orderly transition with Wakefern as soon as possible.”
Thomas P. Infusino, chairman and CEO of Wakefern Food Corp., itself a retailer-owned cooperative and the wholesale merchandising and distribution arm for ShopRite
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By GlobalDatasupermarkets, said: “All of us at Wakefern look forward to working with Big V associates to grow the business.”
The plan of reorganisation, which was filed jointly with Wakefern, was confirmed at a hearing held in Trenton, New Jersey, by Judge Raymond T. Lyons. It is currently anticipated that the confirmation order will be entered and the plan will become effective by mid-July 2002. Big V filed for Chapter 11 on 22 November 2000.
