Haggen accepts Albertsons bid to acquire core stores, including Redmond area location

Published 2:27 pm Saturday, March 12, 2016

Haggen announced yesterday that it has accepted Albertsons LLC’s bid to acquire 29 core stores, including the one located at 3925 236th Ave. N.E. in unincorporated King County near Redmond, according to a press release.  As a result, the previously announced auction scheduled for March 18 has been canceled.  The agreement with Albertsons remains subject to finalizing documentation and requires bankruptcy court approval.

The former local Albertsons was converted to a Haggen in March 2015.

Haggen also announced that it is seeking court approval for a new financing commitment from Albertsons LLC in connection with its bid. The financing will replace the existing facility that was set to expire on March 11 and will be used to fund operations through the close of the sale process and the ongoing administration of the company’s bankruptcy cases. The company has filed motions seeking court approval of the sale and new facility with Albertsons and expects the motions to be heard by the bankruptcy court on March 29.

Haggen will also seek approval to begin going out of business sales for stores not included in the sale agreement. All employees of the non-acquired stores will receive notice of the pending store closures, which are expected to occur within the next 60 days. Employees will continue to receive their pay and benefits through the normal course of business as previously approved by the court.