But that doesn't mean C&S will wind up with Grand Union. Theauctioning of the company, which is in bankruptcy, is still slatedfor later this week, and a bankruptcy court hearing is scheduledfor Nov. 20 to approve the winning bid. The C&S bid is expectedto set the tone for the auctioning process, which could includesuch names as A&P and DiGiorgio Corp., a Carteret, NJ-baseddistribution company. If someone does outbid C&S, the latterwill get a breakup fee amounting to 2.8% of its final bid. If thatfinal bid is $301.8, the fee would total some $8.45 million.

C&S' offer was for all but 12 of Grand Union's 197 stores.It was also for a distribution center located in Montgomery,NY.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Retail