KB Gets OK For $96M Sale Of Supermarkets To Acme

Law360 (October 23, 2020, 6:20 PM EDT) -- A New York bankruptcy judge Friday approved the sale of more than two dozen Kings Food and Balducci's supermarkets to grocery chain Acme Markets for $96.4 million, overriding concerns some creditors had with the purchase.

At a remote hearing, U.S. Bankruptcy Judge Sean Lane rejected objections from the unsecured creditors committee concerning legal claims that the sale will transfer from KB US LLC to Acme and approved the deal, which will see Acme begin to take control of the grocery stores beginning in late December.

KB and nine affiliates filed for Chapter 11 protection on Aug. 23, saying increased competition in the...

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