WILMINGTON, Del. — A federal bankruptcy court judge here gave approval last week for Fresh & Easy Neighborhood Market to sell 53 properties for $41.5 million, according to a report on Law360.com.
As previously reported by SN, an affiliate of Fortress Investment Group is acquiring the properties, which include include 29 sites in California, 16 in Arizona and eight in Nevada. Twenty of the sites being sold have buildings on them, and the remaining 33 are land-only parcels.
Also, Fresh & Easy filed a monthly operating report that showed the operating company turned a profit in the most recent four-week period, through Nov. 24. It reported net income at its operating division of $6.4 million, on sales of $70 million. Operting income for the month was $9.6 million.
In the preceding month, Fresh & Easy reported a loss of $19.9 million on sales of $69.5 million.
Los Angeles-based investment firm Yucaipa Cos. acquired the chain from bankruptcy last month and has installed Jim Keyes, former chief executive officer at 7-Eleven, as president.
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