[KHTS] – Haggen Food and Pharmacy has announced that a U.S. bankruptcy court confirmed the sale of the stores Saugus location to Albertsons.
The Haggen location in Saugus, which opened in June, will be closing Thursday, Dec. 3. 2015.
Albertsons LLC bought the majority of Haggen’s locations, picking up 30 of the 47 stores that were sold at auction last month, according to a news release.
Other buyers included Stater Bros. Markets, Sprouts Farmers Market, Smart and Final Stores LLC, Tawa Inc. and Yoke’s Foods Inc.
Haggen filed for Chapter 11 Bankruptcy in early September, closing several of its locations to “reorganize around its core profitable stores,” many of them in the Pacific Northwest.
The closures include Nevada, Oregon, California, Arizona and Washington.
Haggen second location in Santa Clarita on Mcbean Parkway was closed months after its grand opening in April.
The west coast grocer will receive up to $215 million from its existing lenders to continue its day-to-day operations and the flow of merchandise during the sale process, according to a news release.
In an effort to expand the company, Albertsons is preparing an initial public offering of its common stock, according to a prospectus released by the grocer on Monday.
Albertsons will offer 65 million shares of common stock, expecting an initial public offering price of between $23 and $26 per share, according to the document.
Albertsons is one of the largest food and drug retailers in the U.S., operating 2,196 stores in 33 states.