Malvern, Pa.-based Acme Markets Inc., a division of Albertsons Cos., said late Wednesday it will acquire 27 Kings Food Market and Balducci’s Food Lover’s Market stores for $96.4 million in cash under a bankruptcy auction.
The stores will become part of the Mid-Atlantic division of Albertsons, which operates Acme and Safeway stores on the east coast.
In August 2020, Parsippany-based KB Holdings, the parent company of Kings Food Markets and Balducci’s Food Lover’s Market subsidiary banners, said it began bankruptcy proceedings and accepted a stalking horse bid from TLI Bedrock to purchase the company for $75 million. However, Supermarket News is reporting that an Oct. 14 bankruptcy court filing shows that bid was designated as the backup.
“We look forward to welcoming Kings Food Markets and Balducci’s Food Lover’s Markets and the gourmet expertise they are known for into our family,” said Mid-Atlantic Division President Jim Perkins in a press release. “Our company has a history of managing small, differentiated chains that offer an elevated experience, like Andronicos and Haggens in the western U.S. When we leverage their team’s expertise and continue to deliver what their customers want, these stores can thrive.”
Officials of Albertsons said the stores will remain under the Kings name and continue to operate as they always have.
Kings Food Market currently operates 25 locations, while Balducci’s has seven stand-alone stores and two to-go locations. Acme currently has 164 locations in Connecticut, Delaware, Maryland, New Jersey, New York and Pennsylvania.
The deal, which still is subject to regulatory and court approvals, is expected to close this year.