Atmore store safe in Belle Foods sell-offPublished 11:21am Thursday, July 18, 2013
In a move that Belle Foods owners hope will reorganize the company out of bankruptcy, a dozen stores currently held by the company are up for sale — if the courts approve.
Most of the stores on the list are in the Mobile area, keeping the Atmore and Brewton locations safe for now. The grocer filed a request with the U.S. Bankruptcy Court of the Northern District of Alabama asking permission to sell 12 stores currently leased by the company.
According to the court records, attorneys for the company said that “after exploring alternative strategies to maximize value and as part of its reorganization efforts: Bell Foods has decided that selling the stores — and some other assets — will maximize value to Belle Foods’ estate and its creditors.
This move to sell off some of the company’s holding in an effort alleviate a financial burden comes after it was announced that 13 stores would be closing — six of which were in Alabama.
If the sale is approved by the courts, Belle Foods would keep ownership in 32 stores in the company portfolio.
Belle Foods filed for Chapter 11 reorganization protection on July 1 when the company revealed more than $42 million debt.