Lucky’s Market has filed for protection under Chapter 11 bankruptcy laws to facilitate the operation of seven remaining stores around the country and the sale of other properties. According to a news release sent out yesterday, after careful deliberation and a thorough review of strategic and financial alternatives, the company has signed an Asset Purchase Agreement with ALDI grocery chain for five leased store properties and the purchase of one owned property; all located in Florida. The Company still plans to cease operations in the 32 identified locations in the coming weeks, including the store in Jackson, and is currently running sales for its customers in those stores. Meanwhile, the company assures that at the time of filing, it had sufficient cash on hand and an agreement for the use of those resources to meet its financial obligations, including those to its employees.
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