Haggen Seeks Voluntary Ch. 11 Bankruptcy, Will Reorganize Around Its Core Profitable Stores And "Explore Market Interest In Various Store Locations"; Future of ELB Location (Spring/Palo Verde Opened June 2015, Site Of Former Albertsons) Currently Unclear

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(Sept. 9, 2015) -- The future of the former-Albertsons-now-Haggen store on Spring St. just west of Palo Verde Ave. is now a matter of speculation with Haggen (Sept. 9) seeking voluntary Chapter 11 bankruptcy protection to [release text] "reorganize around its core profitable stores."

A Haggen release says the company has made bankruptcy court motions "to support the continuation of its day-to-day operations for customers, employees, vendors and suppliers, and other business partners during the restructuring." It adds that the company has engaged "Sagent Advisors to market for sale some locations in the five states it operates and to explore market interest for various store locations. Discussions are underway with interested parties to sell many of the company's remaining assets."

The release doesn't specify the ELB location or any particular Haggen locations for possibe acquisition.

June 2015

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Haggen expanded from an 18 store regional grocer based in the Pacific Northwest to a 164 store chain in five states after acquiring Albertsons (and some Vons and Pavilions stores) when Albertsons divested itself of a number of its stores in order to gain FTC approval to acquire Safeway.

Haggen is currently suing Albertsons, alleging that Albertsons failed to cooperate and implement in good faith the terms of an Asset Purchase agreement, which [a Haggen release says] "ultimately led to Haggen's failure in its efforts to convert newly acquired stores and ultimately resulting in the Chapter 11 filing."

For its part, Albertsons is suing Haggen for $41+ million it alleges Haggen owes for inventory conveyed during the store conversions.

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