ALBUQUERQUE, N.M. -- Furrs Supermarkets here said last week it will meet Wednesday with several companies that placed bids to acquire the retailer to determine if it wants to proceed with a sale of the 66-store chain.
uquerque with the organizations that submitted bids," the spokesman told SN.
"Depending on the outcome of those meetings, a deal could be negotiated, and that deal would then be submitted to the bankruptcy court."
The private meetings will constitute an auction, with bidding to start with the highest initial bid, the company said. The auction had originally been set for today but was rescheduled for Wednesday by the bankruptcy court, the spokesman said.
The auction could result in one of three scenarios, he added: Furrs could decide to sell the chain to one or more buyers; it could decide to do an internal restructuring; or it could decide on a combination of the two options.
Furrs has been operating under Chapter 11 since February. Earlier this month it said it would accept bids through June 20 for the sale of the company, although it indicated it had not made a final decision on whether to sell or reorganize.