Agreements made to purchase some Haggen stores; fate of BC location unclear
The future of the Boulder City Haggen store remains uncertain after the Pacific Northwest-based grocer released an ambiguous statement.
Haggen announced on Monday that it has "filed motions with and is seeking the approval of the bankruptcy court to establish procedures of ongoing sales."
What's not established, however, is what will happen to Haggen's Boulder City location.
Of the 127 stores going out of business, 36 in California and Nevada have received bids from "stalking horse" bidders, or investors who make agreements with the bankrupt company on a fixed price that will set the bidding bar.
Of the seven Nevada stores, only Summerlin's location is being bid on.
Haggen is seeking a court hearing for Oct. 19 to hear the company's proposed global bid procedures. The deadline for submission of bids to purchase some or all of the assets would be on Nov. 2, with an auction scheduled one week later on Nov. 9.
If that goes through, the hearing to consider the auction's results would be held Nov. 24.
Haggen previously announced it requested to begin going out of business and to exit operations in the Pacific Southwest during the last weeks of November. Until an official 60-day notice is handed out, condemned locations will remain open.
Haggen has also filed two separate asset purchase agreement motions for its stalking horse bidding packages. Gelson's Markets signed an agreement for eight stores in California, while Smart & Final LLC signed for 27 stores in California and Nevada's Summerlin location.
If no buyer comes forth between now and then, Boulder City's location will be abandoned.
The company has arranged for Sagent Advisors to accept bids for the stores and begin selling off assets.
