KB US Holdings, Inc. Announces Auction Results

PARSIPPANY, N.J., Oct. 14, 2020 /PRNewswire/ -- KB US Holdings, Inc., together with its debtor affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York,  announced that, following a comprehensive sale process and auction conducted under Section 363 of the U.S. Bankruptcy Code, Kings Food Markets and Balducci's Food Lover's Market will be sold on a going concern basis to ACME Markets, a division of Albertsons Companies, Inc. for an all-cash purchase price of $96.4 million.

Both Kings Food Markets and Balducci's Food Lover's Market will continue to serve their communities under their own banners through and after the closing of the sale.

"We are so pleased that with this successful bid from ACME that both the Kings and Balducci's brands will continue their proud traditions of offering the finest food and premium service for our customers for years to come," said Judy Spires, CEO of KB US Holdings, Inc.

The transaction remains subject to review and approval by the Bankruptcy Court and regulatory authorities. 

Proskauer Rose LLP is serving as legal counsel, Ankura Consulting Group is serving as restructuring advisor and PJ Solomon is serving as investment banker to KB US Holdings, Inc.

For additional information including access to Court filings and other documents related to the court-supervised process, please contact Prime Clerk.

About Kings Food Markets

For more than eighty years Kings has been rated one of the finest food stores to serve New Jersey, Long Island and Connecticut. Long before the national trend led other grocers to "local" and "organic," Kings understood that their clientele, located in many of the finest towns in America, cared about freshness, sustainability, quality and the provenance of their food. From the freshest produce and cheeses, to the finest meats, poultry and fish, the in-store experience is enhanced by Kings' associates who pride themselves on customer service. For more information, visit kingsfoodmarkets.com or follow Kings on Facebook (facebook.com/kingsfoodmarkets) and Instagram (instagram.com/kingsfoodmarket).

About Balducci's Food Lover's Market

What began in 1916 as a small vegetable pushcart in the heart of New York City, Balducci's became, over its 104-year history, America's leading gourmet specialty food shop. Offering the finest foods– cheeses and meats, fish, fresh produce and grocery items from the exotic to the most luxurious, Balducci's prides itself on presenting not just the best brands from every corner of the globe, but a gold standard private label too. Balducci's has an executive chef cooking in every market with catering available as well. Balducci's markets are located in New York, Connecticut, Maryland, and Virginia. For more information, visit Balduccis.com. Follow Balducci's on Facebook (facebook.com/balduccisfoodloversmarket) and Instagram (instagram.com/balduccismarket).

SOURCE KB US Holdings, Inc.