Court approves Marsh deals to sell 26 grocery stores

Violet Tucker
June 15, 2017

In the last several months, many stores closed around central IN, which the company said was due to poor performance and increased competition.

That's a lot quicker than what CVS had expected, however, when it paid $38 million in April to buy the pharmacy accounts and inventory of the 37 stores where Marsh operated pharmacies. Fresh Encounter operates several independent retail brands and acquired Remke Markets earlier this year.

If CVS' deal with Marsh is upheld, the two buyers could potentially back out of their agreements to buy the grocery chain.

The deal leaves no buyer for 18 other Marsh stores still open in IN, including ones in and around Indianapolis, Carmel, Lafayette and Kokomo.

The two winners were Topvalco, Inc., a subsidiary of Kroger, and Generative Growth II, LLC the parent company of OH grocery operator Fresh Encounter.

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It's unclear what will happen to the remaining stores that no one offered to buy. Marsh has countered that the agreement only bars Marsh from operating pharmacies at the stores, and that the language is not enforceable under the bankruptcy code.

In court documents, Marsh argues that condition doesn't apply to a business that buys those stores, or in a bankruptcy situation generally.

The two sides told the judge they would attempt to resolve the issue within the next 24 hours and provide an update during a Thursday afternoon status conference. The company agreed to pay a total of $7.8 million, but just $1.5 million for the 15 stores, or $100,000 each. They want to pay $8 million for the four Marshes left in OH and 11 other stores around Indiana.

Overall, Marsh received bids from seven parties.

Other reports by Guamnewswatch

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