Eagle Food Centers Inc, which owns and operates 51 supermarkets in Illinois and Iowa, has signed two separate purchase agreements for the assets of four of its stores.
Hy-Vee signed a purchase agreement to purchase certain of the assets related to stores in Dubuque IA, Bettendorf IA, and Moline IL—including the buildings and land of the Dubuque and Bettendorf stores—all for about $10.83 million in cash.
In a separate agreement, J B Sullivan Inc signed an agreement to purchase certain assets of the store in Rochelle IL for $800,000 plus an amount to be determined for inventory.
Both agreements are subject to bankruptcy court approval. A court hearing has been scheduled for Aug 21, 2003, to consider the sale of assets.
The auction of Eagle Foods’ other assets will be conducted Aug 20, 2003, in Chicago IL.
