Bruno's Ordered to Auction Assets
The U.S. Bankruptcy Court yesterday ordered bankrupt Bruno’s Supermarkets to auction its assets on April 22, according to a published report. Judge Benjamin Cohen allowed the company to sell its assets itself or via a buyer that would hold a liquidation sale.
Bruno’s is to make available by today a list of unexpired leases and contracts connected with the for-sale assets, and post the list on www.kccllc.net/brunos, the Birmingham, Ala., Business Journal reported.
The Birmingham-based grocer has been looking for a buyer since filing for Chapter 11 Bankruptcy in February, but considers existing collective bargaining agreements it has with the United Food & Commercial Workers Union to be an obstacle to the sales process.
Earlier this month, Bruno’s told the state and company’s employees that 38 of its stores in Alabama may close if a buyer can’t be found, affecting nearly 2,200 employees. Bruno’s operates 56 locations in Alabama and the Florida Panhandle.
Bruno’s is to make available by today a list of unexpired leases and contracts connected with the for-sale assets, and post the list on www.kccllc.net/brunos, the Birmingham, Ala., Business Journal reported.
The Birmingham-based grocer has been looking for a buyer since filing for Chapter 11 Bankruptcy in February, but considers existing collective bargaining agreements it has with the United Food & Commercial Workers Union to be an obstacle to the sales process.
Earlier this month, Bruno’s told the state and company’s employees that 38 of its stores in Alabama may close if a buyer can’t be found, affecting nearly 2,200 employees. Bruno’s operates 56 locations in Alabama and the Florida Panhandle.