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ELIZABETH, N.J. - Wakefern Food Corp. announced that it closed on its purchase of Big V Supermarkets, Inc. on July 12, 2002 for approximately $185 million in cash and assumed liabilities.
The purchase included substantially all of Big V's assets, including 27 stores in the Hudson Valley region of New York and central New Jersey. Big V filed for Chapter 11 on November 22, 2000 and is headquartered in Florida, N.Y. The purchase completes a joint plan of reorganization that was confirmed by U.S. Bankruptcy Court for the District of Delaware last month.
The Big V assets now become part of ShopRite Supermarkets, Inc., the retail operations subsidiary of Wakefern that was founded in 1965 and currently operates 8 stores in New York and New Jersey. "This will strengthen our position as the leading supermarket retailer in the region," said Wakefern c.e.o. Thomas Infusino.
"We believe that both Big V Associates and Customers will benefit from the acquisition," added ShopRite Supermarkets president Kevin Mannix, who said investments would be made in employee training, technology upgrades, store remodels, and expansion of products and services. SRS is headquartered in Edison, N.J. and will also maintain operations in Florida, New York.
Wakefern Food Corp. is a retailer-owned cooperative and the wholesale merchandising and distribution arm for ShopRite supermarkets. The 40 Wakefern members operate approximately 180 stores under the ShopRite name in New Jersey, New York, Pennsylvania, Connecticut and Delaware.