FLORIDA, N.Y., and ELIZABETH, N.J., June 27 /PRNewswire/ -- Big V Supermarkets, Inc. and Wakefern Food Corp. today announced that the U.S. Bankruptcy Court for the District of Delaware has confirmed their joint plan of reorganization, paving the way for the end of Big V's Chapter 11 case. Under the plan, substantially all of Big V's assets, including 27 stores in the Hudson Valley of New York and central New Jersey, will be acquired by a subsidiary of Wakefern.
Wakefern is a retailer-owned cooperative and the wholesale merchandising and distribution arm for ShopRite supermarkets. The 41 Wakefern members operate approximately 200 stores under the ShopRite name and are located throughout New Jersey, New York, Pennsylvania, Connecticut and Delaware. A Wakefern subsidiary, ShopRite Supermarkets, Inc., which currently operates eight stores in New York and New Jersey, will acquire the Big V stores and continue to operate them as ShopRite stores.
Big V's plan of reorganization, which was filed jointly with Wakefern, was confirmed at a hearing held today in Trenton, New Jersey, by Judge Raymond T. Lyons. It is currently anticipated that the confirmation order will be entered and the plan will become effective by mid-July 2002. Big V filed for Chapter 11 on November 22, 2000.
Jim Toopes, President and Chief Executive Officer of Big V Supermarkets, said, "We are pleased to have reached this important milestone. Throughout its chapter 11 case, Big V's primary objective has been to develop and implement a plan of reorganization that provides superior value to our creditors and is in the best interest of our associates, customers, suppliers and other stakeholders. We believe the plan confirmed today achieves that objective. We are grateful for the continuing support of our associates and customers and are eager to complete an orderly transition with Wakefern as soon as possible."
Thomas P. Infusino, Chairman and Chief Executive Officer of Wakefern Food Corp., said, "All of us at Wakefern look forward to working with Big V associates to grow the business and provide ShopRite customers with an exceptional shopping experience."
Based in Florida, N.Y., privately held Big V Supermarkets, Inc. owns and operates 30 supermarkets in New York and New Jersey. Big V is the market share leader in the Hudson Valley region of New York and also has a significant market presence in the Trenton, New Jersey area. It is the largest shareholder of the Wakefern cooperative.
Michael Freitag or Kimberly Kriger
Kekst and Company (for Big V)
Wakefern Food Corp.
SOURCE: Big V Supermarkets, Inc.; Wakefern Food Corp.