EAST PROVIDENCE, R.I. -- A hearing on Almacs Supermarkets Chapter 11 restructuring has been delayed until Sept. 2 now that a potential suitor has entered the picture.
of reorganization for its 26 New England stores that didn't involve a suitor.
The hearing was initially called to discuss Almacs' disclosure statement for its filing.
As reported, Victory, which operates 73 Great American Stores in upstate New York, won approval from Almacs' unionized employees recently for terms of its proposed collective bargaining agreement.
Meanwhile, Victory executives continued last week to negotiate with Almacs' bondholders, creditors and primary supplier in order to gain approval for an acquisition from all parties involved.
