Parent of Balducci’s, Kings Food Markets Files Chapter 11

KB US Holdings, parent of gourmet grocers Kings Food Markets and Balducci’s Food Lovers Market, filed for protection from creditors under Chapter 11 of U.S. bankruptcy law. 

The company said it has accepted a stalking-horse bid – an initial offer setting a floor price – from TLI Bedrock to purchase the company for $75 million.

“To facilitate an orderly sale, KB and its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York,” the Parsippany, N.J., company said in a statement.

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