Ridgewood Kings to become a Green Way Markets

the staff of the Ridgewood blog

Ridgewood NJ, today, Monday, is Kings last day open . Green Way Markets are then taking Tues-Weds-Thurs to prepare Green Way’s opening on Friday. The 15,000 square foot store was built in the 1950s as a Food Fair, then taken over by Finast somewhere around 20 years later. Kings moved into the store in 1977 , The store is considered small by todays standards .

The  parent company went bankrupt and Acme Markets, a unit of Albertsons, was the top bidder in a bankruptcy auction for 27 supermarkets operated by East Coast specialty grocers Kings Food Markets and Balducci’s Food Lover’s Market, according to a press release.

Acme bid $96.4 million for the stores, topping a $75 million stalking horse bid from TLI Bedrock that was announced in August, when KB US Holdings, parent company of the chains, said it was entering bankruptcy. Kings and Balducci’s are expected to keep their own names after the sale closes.

Albertsons’ intention to keep the Kings and Balducci’s brands operating as distinct banners sets the proceeding apart from the outcomes faced earlier this year by other distressed grocers, which saw once-unified groups of stores dispersed and rebranded.

The parent of Kings and Balducci’s stores has asked the court overseeing its bankruptcy proceedings to approve the rejection of leases for five New Jersey stores not included as part of Acme’s pending acquisition of the chain.

The rejected leases, which turn stores back to their respective landlords, were Kings grocery stores in Bernardsville, Hoboken, Maplewood, Ridgewood and Warren, New Jersey. The company separately filed WARN (Worker Adjustment and Retraining Notification) notices with the state of New Jersey that those sites would have layoffs no later than Jan. 12. The stores employ between 41 and 59 employees each, according to those records. Kings’ corporate headquarters in Parsippany, N.J., which employs 116, was also included in its WARN notices. Reports this week indicated the Maplewood Kings store has already closed. Some of the units have existing Acme stores nearby or are close to stronger competition like ShopRite or Stop & Shop ie… Ridgewood Kings .

As of 7:46pm January 21st , Estevez Markets has entered into an agreement with intent to purchase the Ridgewood Kings store. They currently own Foodtown stores, including the Hastings-On-Hudson location and the short-lived Old Tappan store, along with a Green Way Market in Cross River, NY.  Because of this store’s small size and upscale demographic, Estevez converted the store to a Green Way .

As of February 7th Green Way Markets was hiring for the Ridgewood store . Green Way Markets bills itself as providing “a wide variety of great, healthy & delicious foods to our neighbors so they can live happier & healthier lives. All without having to spend your whole paycheck or trade down on the quality your family deserves”.