CHANDLER, Ariz. -- Albertsons LLC has offered to acquire the Bashas' chain out of bankruptcy for about $290 million, according to local reports Wednesday.
Bashas', based here, has rejected the offer, which had been discussed for some time but was formalized in a letter from Robert Miller, chief executive officer of Boise, Idaho-based Abertsons LLC, earlier this month.
"Both the creditors' committee and Bashas' found the terms in the letter to be insufficient as compared to the 100% repayment plan submitted to the bankruptcy court, " Eddie "Trey" Basha, CEO of the 120-store chain, was quoted as saying in a report on AZCentral.com.
Bashas' filed Chapter 11 bankruptcy last July, citing the economic downturn and lack of access to capital, and shuttered about 30 locations. It had hoped to emerge with new financing early this year. Albertsons LLC, a privately owned chain with 220 stores in several markets, including 43 in Arizona, is distinct from the Albertsons chain operated by Supervalu.
The reports said Albertsons LLC was interested in Bashas' stores, its headquarters and its distribution center.
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