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Haggen Auction Postponed Yet Again

Haggen Auction Postponed Yet Again


BELLINGHAM, WA
Wednesday, February 10th, 2016

Whether it is legal delays or having second thoughts, Haggen has decided to set back the auction date for its 33 core stores yet again.

As we reported recently, the retailer pushed back its original auction date from last Friday, Feb. 5th, to tomorrow, Feb. 11th. Now Haggen is adding on an extra week and a half for interested buyers to wait, pushing the auction off to Monday, Feb. 22nd.

No reasons have been given for the delay, according to Q13 Fox News, just as none were given last week.

Haggen

Haggen filed for bankruptcy in early September, after going through a huge growth spurt when it purchased 146 stores from Albertsons in 2014, more than doubling its store count and the amount of states in which it resided.

After the move, however, the company went into something of a downward spiral, pulling back from those new regions, laying off employees, and entering into a legal battle with Albertsons that ended in a settlement of over $5 million.

While Haggen originally stated that it planned to restructure around 33 “core stores” it determined to be strong and profitable, the company gained permission to auction those, too, in mid-December, 2015.

Haggen has also hired an investment bank to explore selling the company entirely, but it will be those who purchase the stores that will determine if the chain will be completely dissipated.

With this and many other developments being made in the retail market, keep checking in with DeliMarket News.

Haggen