The Grand Union Company (OTC BB; GUCO) announced that at a hearing held today at the U.S. Bankruptcy Court in Newark, NJ, Bankruptcy Judge Novalyn L. Winfield entered a final order approving the sale of 185 retail food operations to C&S Wholesale Grocers, Inc. and addressed virtually all of the objections brought by landlords and parties to other executory contracts. These matters were previously scheduled to be heard at the hearing held on November 30, 2000. By consent of the parties, certain limited objections are being rescheduled for future dates.
“Another milestone has been reached within the asset sale process of the Grand Union Company. We are extremely pleased with the progress being made relative to the sale of the company’s assets,” said Jeffrey P. Freimark, President and Chief Executive Officer. “We can now focus on the orderly transition of assets of the company to C&S and its third party purchasers.”
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The Grand Union Company and C&S have formed several transition “teams” to work together on all aspects of the transfer of the Grand Union Company’s assets to C&S, and to assist the transfer of the stores to the various third party purchasers as well as to Grand Union Markets, LLC and its affiliates, the eventual retail operation of C&S.
Grand Union currently operates 197 retail food stores in Connecticut, New Jersey, New York, Pennsylvania and Vermont.
Some of the matters discussed herein are “forward-looking statements” within the meaning of the private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. For additional information about the Company and its various risk factors, please see the Company’s most recent report on Form 10-K for the fiscal year ended April 1, 2000, as filed with the Securities and Exchange Commission on June 30, 2000, and the Company’s most recent report on Form 10-Q for the period ended October 14, 2000, as filed, as filed with the Securities and Exchange Commission on December 4, 2000.
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