Haggen Holdings seeks OK to sell company assets for $45.88 million

By Mark Reccek

Bethlehem, Pa., Sept. 25 – Haggen Holdings LLC requested court authorization to sell certain company assets to Rite Aid Pharmacy, Albertson’s LLC and Safeway, Inc., CVS Pharmacy, Inc. and Park Medical Pharmacy Inc. for $45.88 million, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the debtors seek approval of the purchase agreements to sell some pharmaceutical assets of Haggen Opco North LLC and Haggen Opco South LLC held at 55 of their stores.

According to the motion, Rite Aid will purchase prescription files for $16 million and pharmacy inventory in an amount not to exceed $8.72 million.

Albertson’s will purchase the records and goodwill for $10.54 million and the inventory for $6.33 million.

CVS will purchase prescription data for $2.51 million and inventory for $1.71 million.

Finally, Park will purchase prescription data for $60,000.

“The purchase prices are fair and reasonable prices for the assets and, as a result, consummating the transactions under the purchase agreements will maximize the value of the debtors’ assets for the benefit of all stakeholders,” the motion said.

The motion also indicated the sale will be private.

A hearing on the sale motion is scheduled for Oct. 5.

Haggen, a Bellingham, Wash.-based supermarket company, filed bankruptcy on Sept. 8. The Chapter 11 case number is 15-11874.

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