Bashas' the 78-year-old Arizona-based grocery store chain, entered Chapter 11 bankruptcy protection last summer, the result of the recession, competition and a building spree from earlier years. The Republic article notes that, since then, Bashas' has closed 30 stores, laid off more than 1,000 people, and settled its dispute with the United Food and Commercial Workers Union Local 99.
Albertsons, which has stated it wants the Bashas' retail grocery stores and distribution center to beef up its own presence in Arizona, could attempt to gain support of Bashas' secured creditors, which the article says don't like the company's reorganization plan as they're unsecured claimants. The Republic said Bashas' submitted a tentative reorganization plan in January 2010 proposing to pay off the company's $300 million debt in installments.
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