Ohio Grocers Make Conditional $24M Offer On 26 Marsh Stores

Posted June 15, 2017

CVS acquired the Marsh pharmacy accounts and inventory for $38 million.

There was no mention in the paperwork, filed by Indianapolis-based Marsh as part of its Chapter 11 bankruptcy case in the state of DE of the fate of the 18 other stores on the block, the Star Press, in Muncie, Ind., reported.

Marsh Supermarkets, at one time a leading Midwest supermarket chain based in IN, has accepted bids at auction for 26 of its remaining 44 stores.

Bloomington's two remaining Marsh Supermarkets stores may be purchased by a subsidiary of Kroger, pending bankruptcy court approval.

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

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The successful bidders were announced to the bankruptcy court handling the case in a filing Tuesday.

It's unclear what will happen to the remaining stores that no one offered to buy.

Kroger Co. entity Topvalco Inc. plans to spend $16 million to acquire 11 Marsh stores, and Fresh Encounter entity Generative Growth II LLC plans to spend $8 million to buy 15 stores. Generative Growth II is set to spend $8 million on 15 Marsh locations across IN and Ohio. CVS was fighting to enforce a provision in that deal barring those stores from reopening pharmacies for five years.

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

Objections to the winning bids will be heard in the DE bankruptcy court system prior to a final sale approval hearing on Thursday.