BELLINGHAM, WA - Is the Albertson/Haggen drama finally at its stopping point? This week, a U.S. Bankruptcy Court has approved and settled the company’s lawsuit versus Albertsons with a $5.75 million settlement.
Maybe unfortunately for Haggen, however, this is far less than the retailer expected. As we’ve previously reported, Haggen's original lawsuit against Albertsons saw the company seeking over $1 billion when it initially filed in September. In the filing, Haggen had accused Albertsons of “sabotaging” its business after the company's acquisition of 146 Albertsons locations, which took place after the FTC mandated that Albertsons sell many of its stores due to its merger with Safeway.
Just earlier last month we had reported on Albertsons' decision to settle for just under $6 million, when the company declared that even though it believes Haggen's claims “lack merit,” the settlement would allow it to escape what would assuredly be an expensive litigation.
What's next in the Haggen saga? An auction for what the grocer calls its “core stores” has been continually pushed back, but is currently scheduled for Monday, February 29. Stay tuned as AndNowUKnow continues to update you on the latest.
