A bid by Indiana Grocery Group to acquire what’s left of the Strack & Van Til supermarket chain is moving forward. The investors, made up of members of both Strack and Van Til families, have received the go-ahead to purchase 20 locations, the company’s Highland headquarters and a Valparaiso University commissary, according to bankruptcy court filings.
Our partners at The Times of Northwest Indiana report the deal is valued at $91.3 million.
Strack & Van Til’s parent company, Illinois-based Central Grocers Inc., filed for Chapter 11 bankruptcy protection in May. Last week, Strack & Van Til Chief Executive Officer Jeff Strack announced the investment group had reached an agreement to keep the stores in the family. Two Central Grocers-owned locations — 8401 Indianapolis Blvd. in Highland and 1200 Kennedy Drive in Kankakee, Illinois — will not be included and are expected to be closed. The Times reports the price for items owned by Central Grocers remaining in stores could reach $30 million.
Indiana Grocery Group is targeting August 2 for the closing.