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SEATTLE -- Supermarket Management Corp. (SMC), a wholly-owned subsidiary of Associated Grocers, Inc., acquired the Larry's Markets at Redmond Town Center, and plans to continue running the operation under the Larry's name.
SMC said it will take over the store on September 1, and plans to immediately begin making improvements to each department while keeping the store open. Extensive enhancements are planned to greatly improve selection and quality to bring the store back to the level of quality for which it's known.
"We see a great opportunity to re-establish the Larry's Redmond Town Center location as one of the prominent supermarkets on the Eastside," said John Runyan, AG's President and c.e.o. "It is our intention to make the store a key member of the Redmond Town Center business community, working with the store's customers, employees, and neighboring businesses to provide an exceptional shopping experience."
The Redmond Town Center store opened in October 1999, and operated as a full-service supermarket known for its specialty meats, produce, deli, and bakery, as well as its extensive wine and gift selection. Larry's employees have a strong reputation for exceptional service and meal planning assistance.
Growing competition and poor financial performance forced Larry's to put itself up for sale. It filed for Chapter 11 bankruptcy protection in May with more than $21 million in debt.
Food Markets Northwest, which owns and operates five upscale Metropolitan Market supermarkets in Seattle and Tacoma, Wash. picked up three Larry's Markets after outbidding former Raley's c.e.o. Michael Teel, whose LM Acquisition Partners, LLC tried to purchase five of the stores.
The Tukwila, Wash. store is being sold to Summit Trading, a single-store operator, and the North Seattle Larry's is being sold to Hop Thanh Supermarket, Inc., which operates a single Asian-based store in the city's international district.
AG is a wholesaler providing food, general merchandise, and retail services to stores throughout Washington, Oregon, Alaska, Hawaii, Guam, and the Pacific Rim.