Ohio Grocers Make Conditional $24M Offer On 26 Marsh Stores

Ohio Grocers Make Conditional $24M Offer On 26 Marsh Stores

An Ohio-based grocery store chain is the apparent successful bidder for the purchase of the Marsh stores in Pendleton, Elwood and Tipton.

Two Ohio-based firms offered to buy more than half of the remaining Marsh grocery stores.

The deal hinges on the outcome of a dispute between Indiana-based Marsh and CVS Pharmacies. As a condition of the purchase, CVS negotiated that the Marsh stores where a pharmacy operated be precluded from operating another pharmacy for five years.

In early May, Marsh officials filed for Chapter 11 bankruptcy and said the remaining 44 locations could close if the company did not find a buyer.

Generative Growth LLC, associated with the Findlay, Ohio, retailer Fresh Encounter, is acquiring another 15 stores.

The company was founded in 1964 and changed its name in 1995 to Fresh Encounters.

Neither of the Marsh locations in Kokomo were sold through the auction process as of Tuesday and their fate remains unknown.

The next hearing on the proposed sales is Wednesday in federal bankruptcy court in Delaware. They want to pay $8 million for the four Marshes left in OH and 11 other stores around Indiana.

CVS filed an objection to Marsh’s sale to Kroger subsidiary Topvalco and Generative Growth II after officials learned the two buyers plan to operate pharmacies in their newly purchased locations.

According to documents cited in published reports, Topvalco successfully bid for Marsh stores in Bloomington (two), Brownsburg, Fishers, Greenwood, Indianapolis (two), Muncie (two) and Zionsville, Ind.

This story will be updated.