Fresh Encounter operates several independent retail brands and acquired Remke Markets earlier this year. The deal hinges on the outcome of a dispute between Marsh and CVS Pharmacies. The company closed its other, less profitable stores in May as it filed for Chapter 11 bankruptcy protection.
The court filing posted Tuesday says Fishers-based Marsh is seeking court approval to sell 15 stores to Findlay-based Fresh Encounter parent Generative Growth LLC for about $8 million and 11 stores to Kroger Co. subsidiary Topvalco Inc. for $16 million.
Marsh's 44 remaining stores went to auction Monday, and two Midwest grocery chains came out on top.
The stores are located mainly in OH and eastern in, operating at 21 locations.
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Fresh Encounter will acquire stores in New Palestine; Marion; Indianapolis (2 stores: Fox Road and New Jersey Street); Columbus; Hartford City; Elwood; Tipton; Pendleton; Richmond and Greenberg, Ind.; as well as stores in Troy; Van Wert; Middletown and Eaton, Ohio. Kroger subsidiary Topvalco made a $16 million offer on 11 Marsh stores, including two each in Indianapolis, Zionsville, Muncie and Bloomington. Further, it asserted that even if the condition did apply to buyers, the language was "unenforceable under the bankruptcy code".
And the deal with Kroger and Fresh Encounter isn't sealed yet.
Objections to the winning bids will be heard in the DE bankruptcy court system prior to a final sale approval hearing on Thursday.