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Auction of Marsh Supermarket Assets Begins With  Numerous  Bids

Auction of Marsh Supermarket Assets Begins With "Numerous" Bids


INDIANAPOLIS, IN
Tuesday, June 13th, 2017

After filing for Chapter 11 bankruptcy earlier this year, Marsh Supermarkets began auctioning off its assets this week, reportedly fielding “numerous” bids for the Midwest banner's remaining locations.

Thomas S. Mulligan, Senior Executive, Sitrick and Company“Qualifying bids have been received from numerous bidders," said Thomas Mulligan, a Senior Executive from Sitrick and Company, a firm retained by the retailer to respond to inquiries on store closures and asset sales. "The company, its advisors, and the creditors committee are evaluating the bids."

According to local ABC affiliate RTV6, the auction, which officially began Monday June 12, 2017 at 10 a.m., includes only bidders who are considered to be qualified to operate the assets of the company.

Marsh Supermarket

The embattled supermarket chain filed for bankruptcy earlier this year after attempts at a sale were unsuccessful. The company closed more than 20 stores during the first half of this year, bringing the chain's store count to 47. Marsh recently petitioned—and was approved for—an expedited bankruptcy sale plan in Delaware courts in order to court a stalking horse bidder.

Tom O'Boyle, CEO, Marsh Supermarkets"While today's decision was extremely difficult, we believe this action is necessary to preserve the value of the business as we seek a sale," said Chief Executive Officer Tom O'Boyle on the occasion of the company’s decision to file for bankruptcy this May. "After reviewing every alternative, we concluded that Chapter 11 clearly provides the most effective and efficient means to ensure the best recovery for the Company's stakeholders."

RTV6 reports that, so far, roughly 3,700 Marsh employees have lost their jobs due to store closures, and were the remaining stores to close, an additional 2,788 employees would be laid off.

Deli Market News will keep you apprised of updates to the situation as they occur.

Marsh Supermarkets