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Lucky’s Market founders to acquire remaining stores

Bo and Trish Sharon to operate seven locations in five states

Russell Redman

January 29, 2020

2 Min Read
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A day after announcing deals to divest stores under bankruptcy protection, Lucky’s Market has agreed to sell its remaining seven locations to co-founders Bo and Trish Sharon.

Lucky’s said late Wednesday that it has entered asset purchase agreements with the Sharons, two chefs who launched the Niwot, Colo.-based specialty grocery chain in 2003. Under a Chapter 11 filing last week, Lucky’s plans to close 32 of its 39 stores in 10 states.

The stores that would continue to operate under the Sharons are in Traverse City, Mich.; Cleveland and Columbus, Ohio; Columbia, Mo.; Melbourne, Fla.; and North Boulder and Fort Collins, Colo. These locations employ about 600 associates. Lucky’s said the proposed sales are subject to court approval and an overbidding process. 

“We are grateful to our wonderful team members and customers for all their support, dedication and loyalty over the years,” Bo Sharon said in a statement. “While this is a difficult situation across our company, we remain passionate and optimistic that we can continue to offer our communities access to healthful foods in this smaller footprint, preserving hundreds of jobs.”

Yesterday, Lucky’s said it entered asset purchase agreements with Aldi and Publix Super Markets for 11 stores in Florida. The locations slated to be acquired by Aldi include five leased locations and one owned property in Coral Springs, Oakland Park, Sarasota, Vineland, Colonial Landing (Orlando) and Venice. Publix confirmed that it’s under contract to buy five leased Lucky’s stores in Clermont, Naples, Neptune Beach, Orlando and Ormond Beach.

Related:Lucky’s Market fields bids for stores from Aldi, Publix

Lucky’s reiterated that it “continues to have active dialogue with various buyers.” The company said Tuesday that it expects to cease operations in the coming weeks at the 32 stores earmarked for closure and is running clearance sales for customers at those locations.

On Jan. 21, Lucky’s reported that it aims to close most of its stores and file for Chapter 11 bankruptcy reorganization to facilitate the sale of its remaining locations and assets. The Sharons, Aldi and Publix are stalking horse bidders for the 18 stores under the asset purchase agreements, according to Scott Moses, managing director at PJ Solomon, M&A investment banking adviser for Lucky's on the transactions. In total, those stores have nearly 2,000 employees, he said.

Focusing on natural and organic groceries, Lucky’s operates stores in Colorado, Florida, Georgia, Indiana, Kentucky, Michigan, Missouri, Montana, Ohio and Wyoming. Lucky’s position deteriorated after The Kroger Co. said in early December that it would divest its stake in the grocery chain. In April 2016, Kroger announced a strategic partnership with Lucky’s that included an undisclosed equity interest. At the time, Lucky’s had 17 stores in 13 states.

Related:Lucky’s Market reportedly closing most of its stores

About the Author

Russell Redman

Senior Editor
Supermarket News

Russell Redman has served as senior editor at Supermarket News since April 2018, his second tour with the publication. In his current role, he handles daily news coverage for the SN website and contributes news and features for the print magazine, as well as participates in special projects, podcasts and webinars and attends industry events. Russ joined SN from Racher Press Inc.’s Chain Drug Review and Mass Market Retailers magazines, where he served as desk/online editor for more than nine years, covering the food/drug/mass retail sector. 

Russell Redman’s more than 30 years of experience in journalism span a range of editorial manager, editor, reporter/writer and digital roles at a variety of publications and websites covering a breadth of industries, including retailing, pharmacy/health care, IT, digital home, financial technology, financial services, real estate/commercial property, pro audio/video and film. He started his career in 1989 as a local news reporter and editor, covering community news and politics in Long Island, N.Y. His background also includes an earlier stint at Supermarket News as center store editor and then financial editor in the mid-1990s. Russ holds a B.A. in journalism (minor in political science) from Hofstra University, where he also earned a certificate in digital/social media marketing in November 2016.

Russell Redman’s experience:

Supermarket News - Informa
Senior Editor 
April 2018 - present

Chain Drug Review/Mass Market Retailers - Racher Press
Desk/Online Editor 
Sept. 2008 - March 2018

CRN magazine - CMP Media
Managing Editor
May 2000 - June 2007

Bank Systems & Technology - Miller Freeman
Executive Editor/Managing Editor
Dec. 1996 - May 2000

Supermarket News - Fairchild Publications
Financial Editor/Associate Editor
April 1995 - Dec. 1996 

Shopping Centers Today Magazine - ICSC 
Desk Editor/Assistant Editor
Dec. 1992 - April 1995

Testa Communications
Assistant Editor/Contributing Editor (Music & Sound Retailer, Post, Producer, Sound & Communications and DJ Times magazines)
Jan. 1991 - Dec. 1992 

American Banker/Bond Buyer
Copy Editor
Oct. 1990 - Jan. 1991 

This Week newspaper - Chanry Communications
Reporter/Editor
May 1989 - July 1990

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