Kings Closing
joan_crystal said:
No. I was there this morning. No mention or signage.
I said closing, not closed.
They are, reportedly, among six stores to be closed as the result of Kings bankruptcy/sale. The post said the news was delivered via conference call to employees last night.
Soul_29 said:
I said closing, not closed.
They are, reportedly, among six stores to be closed as the result of Kings bankruptcy/sale. The post said the news was delivered via conference call to employees last night.
I understand. Sometimes, stores will notify their customers through word on mouth or by posting a sign notifying the customers that the store is closing on a certain date. Did the post you saw indicate when the store would close?
This is what I just found on social media. Article is from TAP Into, dated 10/20/2020 and posted within the past hour.
MAPLEWOOD, NJ — The Kings Food Market in Maplewood Village is in danger of closing. Its parent company, KB US Holdings, Inc., is filing for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York.
A press release from the company said that “following a comprehensive sale process and auction conducted under Section 363 of the U.S. Bankruptcy Code, Kings Food Markets and Balducci’s Food Lover’s Market will be sold on a going concern basis to ACME Markets, a division of Albertsons Companies, Inc. for an all-cash purchase price of $96.4 million.” However, the Maplewood location and five other Kings and Balducci’s locations were not part of the 27-store sale.
“That store and the other stores they are not taking will continue to be marketed,” said Kim Yorio, a media representative for the chain. As the bankruptcy process is ongoing, she said, “we have no timeline on that closure.”
mrincredible said:
I wonder If Acme will keep the Kings brand going.
"Plans call for the upscale Kings and Balducci’s grocery stores to retain their banners and become part of Albertsons’ Mid-Atlantic division, which operates Acme and Safeway supermarkets on the East Coast."
Quoted press release says that Maplewood is not part of the sale. A couple of years ago, a press release mentioned that Maplewood Kings was the highest grossing unit per square food. If corporate is holding a bankruptcy sale and keeping 7 stores, Mpl would be the most like to be retained.
It was bandied about in an earlier discussion on here when the bankruptcy was first announced that one of the factors in which stores stay or go is whether or not Kings owns the buildings they occupy.
Formerlyjerseyjack said:
Quoted press release says that Maplewood is not part of the sale. A couple of years ago, a press release mentioned that Maplewood Kings was the highest grossing unit per square food. If corporate is holding a bankruptcy sale and keeping 7 stores, Mpl would be the most like to be retained.
The release says the Maplewood Kings “will continue to be marketed.” It sounded to me like ACME didn’t want it. If no taker can be found, I don’t know what would be left except closing.
Such odd timing for a grocery bankruptcy. I thought they were all doing better than usual given current conditions.
Kind of sorry that ACME didn't buy our Kings. I was looking forward to buying some of their hard to find products.
jimmurphy said:
Such odd timing for a grocery bankruptcy. I thought they were all doing better than usual given current conditions.
The process apparently started in November 2018, when Kings hired a consultant to assess its financial options.
Increased business during the COVID-19 pandemic has provided KB with some relief, but the health crisis also has brought extra costs, such as safety measures for customers and employees, as well as strained the retailer’s supply chain and forced the suspension of signature services such as catering, Jones said. [M. Benjamin Jones is the consultant's senior managing director.]
“Although the company’s liquidity has improved during the COVID-19 pandemic, the company recognizes that its current liquidity is only temporary and that it must seek a permanent solution to address its historical liquidity constraints,” he stated in the document.
jimmurphy said:
Such odd timing for a grocery bankruptcy. I thought they were all doing better than usual given current conditions.
With many people on a budget right now they’re probably gravitating towards lower priced supermarkets. Kings might not be as expensive as Balduccis, but they’re not Shop Rite either.
During the pandemic, Kings has been a reliable source of hard to find items such as toilet paper and hand sanitizer. The Maplewood store tends to be less crowded than other supermarkets/grocery stores in the area, especially during senior hour; and remains a convenient location for those who need/want a local store they do not have to drive to for their supplies. Especially, when home delivery has been so hard to schedule, Kings has been a needed resource for food and cleaning supplies. As noted previously, they have been a great support over the years, contributing to many town wide events. They will be missed by their customers and non-customers alike.
Kings gets a 60 day WARN notice:
jamie said:
Kings gets a 60 day WARN notice:
Yeah, that's not good.
I'm going to hang some hope on these two bolded parts of the notice:
____________
..."notice needs to be sent 60 days in advance if there is a chance that the store will close. Yorio said the search for a potential buyer is ongoing. The store is being actively marketed and there is interest.”
Does anyone know if the Township is involved with trying to help keep it open?
This is unfortunate, but I'm not sure how the town can do anything. If the store isn't profitable what would change that?
I remember reading (here, back in the day) that the Mplwd store was the most profitable in the group, base on square footage...
-s.
FilmCarp said:
This is unfortunate, but I'm not sure how the town can do anything. If the store isn't profitable what would change that?
The store is profitable - it’s the chain that is in trouble
People on MOL keep saying the Kings in Maplewood is or was the chain’s most profitable store per square foot. The document that was cited in a 2014 thread about Kings said it had the most sales per square foot, which is different from profit. Also, that citation was about a decade old even then.
DaveSchmidt said:
People on MOL keep saying the Kings in Maplewood is or was the chain’s most profitable store per square foot. The document that was cited in a 2014 thread about Kings said it had the most sales per square foot, which is different from profit. Also, that citation was about a decade old even then.
party pooper
if this was the most profitable store, or even moderately profitable, the company that bought the chain would have wanted it, right?
FilmCarp said:
if this was the most profitable store, or even moderately profitable, the company that bought the chain would have wanted it, right?
Does King's own the site? It might be even more profitable for the new owners to tear it down and sell the land.
It's a great little grocery store and I'd be sorry to see it closed. They always have everything I need, no matter how random or obscure.
kthnry said:
FilmCarp said:
if this was the most profitable store, or even moderately profitable, the company that bought the chain would have wanted it, right?
Does King's own the site? It might be even more profitable for the new owners to tear it down and sell the land.
It's a great little grocery store and I'd be sorry to see it closed. They always have everything I need, no matter how random or obscure.
I think if they owned the site the new owners would definitely have bought it, as it will be a gold mine for a developer.
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Someone posted on a local chat page that Kings will be shuttering the Maplewood location.
Has anyone heard anything?