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Sheboygan, Wis.-based Piggly Wiggly Midwest has acquired the three remaining Joe Caputo & Sons grocery stores in the Chicago suburbs.
The company, which operates supermarkets under the Piggly Wiggly and Butera banners in Wisconsin and Illinois, won the real estate and assets for the Caputo stores at auction Thursday. The $32 million deal still requires court approval, the Chicago Tribune reported.
Caputo & Sons (not affiliated with Angelo Caputo's Fresh Markets, which also operates stores in the Chicago suburbs) had its assets frozen earlier this year over a $3.6 million debt owed to produce wholesaler Anthony Marano Co.
Stores to continue operating
Piggly Wiggly Midwest, owned by the Butera family, acquired the Caputo stores in Algonquin, Des Plaines and Palatine. The company "indicated they will continue operating the existing grocery stores in Palatine and Algonquin and develop a new store at the Des Plaines location," according to a press release. It was not known if the stores would be rebadged as Piggly Wiggly or Butera markets.
In February, a federal judge ordered Caputo & Sons to turn over a full accounting of its liabilities and assets to attorneys for wholesaler Marano if the debt wasn't paid within seven days. Marano also was granted the power to manage the continued operation or liquidation of Caputo & Sons stores until the debt was paid.