Stop & Shop, Pathmark Join Forces to Bid for Big V Stores
QUINCY, Mass. - The Stop & Shop Supermarket Company and representatives of certain creditors of Big V have filed a joint liquidating plan of reorganization that provides for the purchase of 26 Big V Supermarkets by Stop & Shop pursuant to an asset purchase agreement, the form of which was previously filed with the Bankruptcy Court.
Separately, Stop & Shop has entered into an agreement with Pathmark Stores under which Pathmark would join with the Stop & Shop transaction and acquire 9 of the 26 stores.
The acquisition is subject to approval by the Bankruptcy Court and the Big V creditors as well as regulatory approval. Because of the nature of the bankruptcy process, there can be no assurances that Stop & Shop will be successful.
Big V, based in Florida, N.Y., is a member of Elizabeth, N.J.-based Wakefern Food Corp., which operates stores under the ShopRite banner.
Separately, Stop & Shop has entered into an agreement with Pathmark Stores under which Pathmark would join with the Stop & Shop transaction and acquire 9 of the 26 stores.
The acquisition is subject to approval by the Bankruptcy Court and the Big V creditors as well as regulatory approval. Because of the nature of the bankruptcy process, there can be no assurances that Stop & Shop will be successful.
Big V, based in Florida, N.Y., is a member of Elizabeth, N.J.-based Wakefern Food Corp., which operates stores under the ShopRite banner.