A group backed by the families behind the Strack & Van Til retail chain successfully won an auction to buy the chain out of bankruptcy court, according to filings.
The Indiana Grocery Group LLC, which sources said was associated with Strack & Van Til CEO Jeff Strack, was declared the successful bidder in Tuesday’s auction in U.S. Bankruptcy Court in Illinois.
Strack was 80-percent owned by Central Grocers, which was selling the chain as a means to raise money to pay back creditors. Central Grocers declared bankruptcy in early May.
A price was not disclosed in court filings. The sale is subject to court approval, and a hearing is scheduled for next week.
It was unclear late Wednesday whether Albertsons LLC, whose Jewel Food Stores had made a $100 million bid for 19 Strack stores, participated in further bidding against the local group. The Indiana Group bought all 19 stores included in the “stalking horse” package, as well as Strack's headquarters, a commissary and an Ultra Foods store that was not part of the Albertsons package.
Albertsons and Strack were not available for comment by press time Wednesday.