Wednesday, 16 August, 2017

CVS wants to delay Marsh sale amid new buyer agreement

CVS wants to delay Marsh sale amid new buyer agreement CVS wants to delay Marsh sale amid new buyer agreement
Jeannie Matthews | 15 June, 2017, 02:22

Marsh sold its pharmacy assets to CVS in April, and had agreed not to allow pharmacies in stores that had them for five years.

In the last several months, many stores closed around central IN, which the company said was due to poor performance and increased competition.

Marsh contended that the CVS agreement only barred Marsh itself from operating pharmacies at the locations.

A Kroger subsidiary made an offer on 11 Marsh stores, including this one in Indianapolis, at Monday's bankruptcy auction.

Marsh said in a court filing Tuesday that Topvalco agreed to buy two stores each in Bloomington, Indianapolis, Muncie and Zionsville, and single stores in Brownsburg, Fishers and Greenwood.

Cincinnati-based supermarket powerhouse Kroger will acquire 11 Marsh stores for $16 million, and Fresh Encounter Inc., based in Findlay, OH, will buy 15 Marsh locations for $8 million.

Bobbi Brown's ex-partner Nick Gordon arrested on domestic battery charges
But the medical examiner couldn't determine if she killed herself, if someone else killed her or if her death was accidental. Officials say Nick Gordon was taken into custody in Sanford , Florida , on Saturday.

The stores are located mainly in OH and eastern in, operating at 21 locations.

In court documents, Marsh argues that condition doesn't apply to a business that buys those stores, or in a bankruptcy situation generally.

And the deal with Kroger and Fresh Encounter isn't sealed yet.

CVS requested to halt the sale motion "until a date that is no less than three weeks from June 14" to provide the company time to take a look at all legal issues surrounding their previous agreement with Marsh.

The sales require approval by the bankruptcy court and have to overcome an objection from CVS Health.

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