MILLWOOD, N.Y. -- Acme Markets, Inc. has submitted a bid for the A&P in Millwood, which is in connection with the fellow supermarket chain's Chapter 11 federal bankruptcy court filing.
Acme is bidding for the Millwood site as part of a 76-store package that is carved out of A&P's portfolio. The company is known as a stalking horse bidder, which means that it will acquire the stores if no competing bids are filed.
A&P has received stalking horse bids for a total of 120 stores and seeks to sell 176 more. The other two current bidders are Stop & Shop, which has made an offer for the Mount Kisco A&P, and Key Food.
A&P's auction timeline includes a Sept. 11 deadline for bidders to file binding offers. Bidders who meet certain criteria will earn "qualified" bid status, making them eligible to go forward with the auction, according to the bankruptcy filing. There is a Sept. 18 deadline to publish qualified bidders. If there are competing bidders, auctions will be held on Sept. 24 to 25, with a hearing to follow on Oct. 1. If no qualified bidders emerge, the hearing will be on Sept. 22.
The terms set forth in A&P's filing call for bidders to bid for clusters of stores that correspond to the stalking horse bidders' packages.
The Millwood A&P is located in Millwood Plaza, whose address is 230 Saw Mill River Road. Other tenants include Tazza Cafe, the local post office, Drug Mart of Millwood and a Chase bank branch.
Town assessment records show that the shopping center is owned by Millwood Center, LLC and is valued at $5,946,225.
The auction involves taking over leases held by A&P. However, A&P's lease in the shopping center expires in September, New Castle Supervisor Rob Greenstein told Daily Voice.
The coming expiration means that the owner could either renew and accept the winning bidder or not renew and pursue other possibilities.
Greenstein added that the landlord has had other supermarkets interested in the site.
A&P's bankruptcy court filing can be read here. The list of stores with bidders is on pages 75 to 79.
The auction is not the only major business item for Acme. Its corporate parent, Abertsons Companies, Inc., announced that it will pursue an initial public offering (IPO) of its stock and filed a registration statement with the Securities and Exchange Commission (SEC). A copy of the filing is available here , while related documents can be found here.