Homeland purchases Food WorldPublished 11:00pm Tuesday, September 24, 2013
Troy’s Food World could have a new owner.
Sources close to the deal said the Belle Foods bankruptcy auction held Tuesday in Birmingham appeared to result in a winning bid from Associated Wholesale Grocers.
AWG’s plan included a minimum bid of about $16 million, coupled with assembling a group of buyers and operators for the 43 stores involved in the auction process. HAC, Inc., also known as Homeland Grocery, was listed in court documents as the entity interested in purchasing Troy’s Food World location.
A final and public ruling on the purchase should come by Friday.
A representative from HAC was not available for comment on Tuesday afternoon to confirm purchase. However, court documents show plans include keeping the local store open, at least for now.
HAC, based in Oklahoma, was also listed as the company expected to purchase 10 other stores in Georgia. The company’s website shows ownership prior to Tuesday of 44 stores, all in Oklahoma.
Belle Foods filed for Chapter 11 bankruptcy on July 1 and while more than a dozen of stores within the company closed during the process, Troy’s store has remained open, partially due to C&S Wholesale Grocers Inc. making a move for debtor-in-possession financing to help Belle Foods stores remain open.
The remaining 19 stores involved in the bankruptcy process are expected to owned by a variety of companies.