MAPLEWOOD, NJ — The Kings Food Market in Maplewood Village is in danger of closing. Its parent company, KB US Holdings, Inc., is filing for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York.
A press release from the company said 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.” However, the Maplewood location and five other Kings and Balducci’s locations were not part of the 27-store sale.
“That store and the other stores they are not taking will continue to be marketed,” said Kim Yorio, a media representative for the chain. As the bankruptcy process is ongoing, she said, “we have no timeline on that closure.”
For now, she said, “people can shop uninterrupted. It will be the same experience as always.”
The other Kings locations not included in the sale and subject to potential closure are in Bernardsville, Gillette, Hoboken South, Ridgewood, and Warren.
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October 21, 2020 at 01:12AM
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Kings in Maplewood Village in Danger of Closing - TAPinto.net
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