U.S. Bankruptcy Judge Jack Caddell has approved the sale of seven Belle Foods stores that were slated to close Aug. 8.
The order will pave the way for the company to sell the locations for over $1.3 million as it chips away at $42 million in debt, which caused it to enter its Chapter 11 filing in the U.S. Bankruptcy Court for the Northern District of Alabama last month, according to AL.com.
So far, the company has buyers for six of its Food World stores in Alabama and Florida and the Piggly Wiggly store in Tifton, Ga.
Autry Greer & Sons has offered $455,000 for the Mobile store. Autry Greer & Sons is also offering $100,000 for the 4051 Barrancas Ave. Food World store in Pensacola, Fla.
Hometown Market of Morgan County Inc. has offered $100,000 for the Decatur store.
The other pending offers include:
• Mary Esther Foods LLC paying $250,000 for the 251 Mary Esther Cutoff Food World in Mary Esther, Fla.;
• Malloy Grocery paying $150,000 for the 8084 North Davis Highway Food World in Pensacola;
• Fisher Douglas LLC paying $150,000 for the 4320 Lillian Highway Food World in Pensacola; and
• CMM Properties Inc. paying $100,000 for the Piggly Wiggly in Tifton, Ga.
The grocer hopes to have all seven of the stores sold by Aug. 15th.