Haggen Receives Approval of Sale: Gelson’s and Smart & Final and More

pills arial,sans-serif;”>Haggen today announced that the U.S. Bankruptcy Court for Delaware in Wilmington confirmed the sale of certain stores. The Court approved two separate purchase agreements for certain assets with Gelson’s Markets and Smart & Final LLC.

Gelson’s purchased certain assets related to eight stores located in California for approximately $36 million. Under a separate agreement, Smart & Final purchased certain assets of 28 stores located in California for $56 million.

Gelson’s and Smart & Final acquired the following stores:

GELSON’s MARKETS
California
Thousand Oaks – Avenida De Los Arboles, Thousand Oaks

SMART & FINAL LLC
California
Newbury Park –Newbury Road, Newbury Park
Santa Barbara – State St., Santa Barbara
Simi Valley –Los Angeles Avenue, Simi Valley
Westlake Village – Lindero Canyon Rd, Westlake Village
Completion of the transactions with Gelson’s and Smart & Final remain subject to certain conditions.

The Company also announced that it has accepted bids for certain its non-core stores. A total of 55 stores were sold for more than $47 million. Haggen intends to submit the results of the auction for approval to the bankruptcy court at a hearing on November 24.

Haggen accepted bids with the following parties for the following stores:

BUYER STATE STORE METRO AREA
Albertson’s LLC CA Saugus – Bouquet Canyon Rd Saugus
Smart & Final LLC CA Burbank – W. Verdugo Ave Burbank
Donahue Schriber Realty Grp CA Camarillo – Las Posas Camarillo
Sprouts Farmers Market CA Simi Valley – Cochran Simi Valley
Stater Bros. Markets CA Simi Valley – E. Los Angeles Ave Simi Valley
Albertson’s LLC CA Goleta – S. Turnpike Rd Goleta
Sprouts Farmers Market CA Goleta – N. Fairview Ave Goleta
SB Grocery, LLC CA Santa Barbara – Cliff Dr Santa Barbara

Stroock & Stroock & Lavan, LLP and Young, Conway, Stragatt & Taylor, LLP serve as legal counsel, Sagent Advisors as real estate advisors, and Alvarez & Marsal as restructuring advisors to Haggen Inc.

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