Most Pensacola Food Worlds Sold; Belle Foods Stores To Be Auctioned Off
August 15, 2013
Bankrupt Belle Foods will sell seven stores — including several Pensacola Food Worlds — for over $1.3 million, while the company’s 44 other stories are set to be on the auction block next month.
Belle already has buyers for three of four Food World stores in Pensacola. Autry Greer & Sons, which operates Greer’s Market and Cash Saver stores in three states, has offered $100,000 for the Barrancas Avenue Food World in Pensacola. Malloy Grocery has offered $150,000 for North Davis Highway Food World in Pensacola, while there is a $150,000 offer for the Lillian Highway Food World from Fisher Douglas LLC. There has been no reported offer for the Food World on Pine Forest Road in Pensacola.
The U.S. Bankruptcy Court for the Northern District of Alabama has approved a new debtor-in-possession agreement between Belle Foods and its primary lendor, C&S Wholesale Grocers. Belle owes C&S $38.3 million, including $5 million to increase shelf stock and clean up 44 stores to be sold at a court- approved auction on September 24. C&S hopes to recover its money with auction proceeds.
The auction includes all remaining Belle Foods stores, including Atmore and Brewton.
Pictured: Belle Foods in Atmore. NorthEscambia.com file photo, click to enlarge.