Chippewa County (WQOW) – The winning bidder for all five Gordy’s Market stores up on the auction block is the grocery distributor who is suing Gordy’s for $46 million for failing to pay millions of dollars it owed.
According to court documents filed Thursday in Chippewa County Court, Gordy’s receiver said Nash Finch was the winning, and only, bidder at Wednesday’s auction in Milwaukee.
Receiver Michael Polsky wrote in a letter to the court that six groups signed confidentiality agreements to look at the books for GMI, the company that owns and operates Gordy’s.
At auction Wednesday, the only bid submitted was from Nash Finch.
Court documents say they applied to purchase five stores – two in Chippewa Falls as well as the locations in Chetek, Cornell and Barron.
The purchase price was $15.1 million. According to the receiver, that price is above the liquidation value of Gordy’s assets.
The receiver also said that nearly all of the employees at those Gordy’s locations will be offered jobs.
Chippewa County Judge James Isaacson must sign off on the auction results. A hearing is scheduled for Friday afternoon.
As News 18 reported Tuesday, Gordy’s Market filed a counter claim in court saying its struggles are a direct result of Nash Finch’s actions. They are asking the judge to throw out the case.