Washington based Grocery and Pharmacy Chain Haggen, Receiving $215Million Cash Infusion
Without specifying the exact number, Haggen, the largest food and pharmacy independent grocery retailer in the Pacific Northwest said that it would sell some of the company's stores. It also mentioned that the focus remains on reorganization of the profitable "core" stores and that the company is discussing sale of "many of the company's remaining assets".
Deborah Pleva, a spokesperson of Haggen said in an email, "The stores are still up and operational."
The independently owned grocery store and pharmacy chain is now infusing $215 million cash. Sagent Advisors have been hired by the company in order to explore the market for some of its store sales.
John Clougher, CEO of Haggen said that, "After careful consideration of all alternatives, the company concluded that reorganization through the Chapter 11 process is the best way for Haggen to preserve value for all stakeholders."
The Federal Trade Commission (FTC) ordered Haggen, which acquired Albertsons and Safeway Inc, to shed some stores over concerns of anti-competition as a part of the merger. Out of those eighty three were in California.
Earlier, Albertsons filed a law suit against Haggen in a federal court in California accusing that Haggen refused to pay $36 million for inventory at thirty two of the stores that it acquired. In December, Haggen purchased 146 Albertsons-owned locations and grew to 164 stores with almost 11,000 employees in five states. Haggen had only eighteen stores in Washington, which is its home region.
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