Lucky Market Stores in Orlando are closing

InTheNewsGraphics

Information compiled and written by Nathan Wertheimer

It is with sad news that all the Lucky Market Stores in Orlando are closing. The local news has reported on this closing. These stores are expected to close for good in a few weeks. Look for store signs try to lure customer to sell-off everything in the store with a discount.

Who is Lucky Market Grocery Store? This store is an American supermarket chain started in Boulder, Colorado. Founded in 2003 by Bo and Trish Sharon, the chain focuses primarily on organic food. From 2016 to 2019, the company was partially owned by the Kroger supermarket chain. At its peak in 2019, the company had 39 stores in ten states. Information by Wikipedia.org .

Their store model is different from other grocery stores. They claim to be “unique, just like you.” Here are the store sections, which are Apothecary, Bakery, Beer, Wine & Spirits, Bulk, Café, Cheese, Grocery, The Deli, Meat & Seafood, and Produce. The store space is about the same size of an Aldi Store.

Lucky’s Market continues normal operations of several of its locations during the Chapter 11 proceedings to facilitate the sale of its remaining assets. Otownfun.com contacted Lucky’s Market for a press release and here what we were given below.

Photo by otownfun.com

Niwot, Colo. (Jan. 27, 2020) – Lucky’s Market, the natural foods chain, announced today that it will continue to operate seven of its locations, including its markets in Traverse City, MI; Cleveland, OH; Columbus, OH; Columbia, MO; Melbourne, FL; North Boulder and Fort Collins, CO.

On Jan. 21, 2020, the Company previously disclosed that it would be closing its remaining stores. After careful deliberation and a thorough review of strategic and financial alternatives, the company has decided to voluntarily file for Chapter 11 protection to facilitate the sale of its remaining assets and has signed Asset Purchase Agreements with ALDI for five leased store properties and the purchase of one owned property and Publix Super Markets Inc. (“Publix”) for five leased store properties. The Company continues to have active dialogue with various buyers. The Company still plans to cease operations in the 32 identified locations in the coming weeks and is currently running sales for its customers in those stores.

The Asset Purchase Agreements are subject to court approval and an overbidding process. The Company has retained PJ Solomon to assist it in these sales of these, and other assets of the Company.

At the time of filing, the Company had sufficient cash on hand and an agreement for the consensual use of cash collateral. As such, the Company should have the continued ability to meet its financial obligations, including those to its employees, as well as to vendors for the continued supply of product to its operating locations.

In addition to PJ Solomon as its investment banker, Polsinelli is serving as the Company’s legal counsel and Alvarez & Marsal is serving as the Company’s restructuring advisor.

Here is another added press release:

Niwot, Colo. (Jan. 29, 2020) – Lucky’s Market, the natural foods chain, announced today that it has entered into an Asset Purchase Agreement with a group led by Bo and Trish Sharon, the founders of the Company, for seven locations that will continue to operate. These stores are located in Traverse City, MI; Cleveland, OH; Columbus, OH; Columbia, MO; Melbourne, FL; North Boulder and Fort Collins, CO, and currently employ approximately 600 employees.

“We are grateful to our wonderful team members and customers for all their support, dedication and loyalty over the years,” said Bo Sharon, who founded Lucky’s in 2003 with his wife Trish. “While this is a difficult situation across our Company, we remain passionate and optimistic that we can continue to offer our communities access to healthful foods in this smaller footprint, preserving hundreds of jobs.”

On January 21, 2020, the Company disclosed that it would be closing its remaining stores. On January 27, after careful deliberation and a thorough review of strategic and financial alternatives, the Company decided to voluntarily file for Chapter 11 protection to facilitate the sale of its remaining assets and signed Asset Purchase Agreements (APA) with ALDI for five leased store properties and the purchase of one owned property (six total) and Publix Super Markets Inc. for five leased store properties. The stores subject to the ALDI APA include Coral Springs, FL; Oakland Park, FL; Sarasota, FL; Vineland, FL; Colonial Landing (Orlando), FL and Venice FL. The stores subject to the Publix APA include Naples, FL; Neptune Beach, FL; Clermont, FL; South Orange (Orlando), FL and Ormond Beach, FL.

The Asset Purchase Agreements are subject to court approval and an overbidding process. The Company has retained PJ Solomon to assist it in these sales of these and other assets of the Company.

The Company continues to have active dialogue with various additional potential buyers.

At the time of the filing, the Company had sufficient cash on hand and an agreement for the consensual use of cash collateral. As such, the Company should have the continued ability to meet its financial obligations, including those to its employees, as well as to vendors for the continued supply of product to its operating locations.

In addition to PJ Solomon as its investment banker, Polsinelli is serving as the Company’s legal counsel and Alvarez & Marsal is serving as the Company’s restructuring advisor.

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