Court approves Marsh deals to sell 26 grocery stores

Posted June 15, 2017

Earlier this month, Marsh closed the store on Broadway in Anderson.

Marsh sold its pharmacy assets to a CVS subsidiary in April.

The deal hinges on the outcome of a dispute between Indiana-based Marsh and CVS Pharmacies.

The court filing posted Tuesday says Fishers-based Marsh is seeking court approval to sell 15 stores to Findlay-based Fresh Encounter parent Generative Growth LLC for about $8 million and 11 stores to Kroger Co. subsidiary Topvalco Inc. for $16 million.

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The deal leaves no buyer for 18 other Marsh stores still open in IN, including ones in and around Indianapolis, Carmel, Lafayette and Kokomo.

In court documents, Marsh argues that condition doesn't apply to a business that buys those stores, or in a bankruptcy situation generally.

Eighteen other Marsh stores did not fetch any interest at auction.

The story has been corrected to show Topvalco is buying two stores in Bloomington and one in Brownsburg, not three in Bloomington.

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Indianapolis attorney Jim Carlberg, who is representing the landlords, voiced his concerns via telephone during the hearing.

"We've been provided with no evidence that [Fresh Encounter] can provide adequate assurance of future performance", Carlberg said.

And the deal with Kroger and Fresh Encounter isn't sealed yet. The remainder, $6.3 million, is for the inventory that Fresh Encounter will liquidate.

Fresh Encounters bid $8 million on four locations in OH and 11 others around central Indiana.

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Overall, Marsh received bids from seven parties.