Fresh & Easy Neighborhood Market Inc., the U.S. supermarket chain owned by Tesco Plc (TSCO), won court approval of procedures for a Nov. 19 auction with the lead bid from an affiliate of billionaire Ron Burkle’s Yucaipa Cos.
U.S. Bankruptcy Judge Kevin J. Carey, at a hearing today in Wilmington, Delaware, said he would approve guidelines that will govern the proposed sale, which would save about 4,000 employees’ jobs.
All potential buyers must submit an offer by Nov. 15. The company would hold the auction if it receives a competing qualified bid, followed by a Nov. 21 hearing to seek court approval of the auction winner.
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