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Marvin's sells 21 IGA stores for $26m.

Oklahoma-based Marvin's IGA in November sold its 21 supermarkets in Arkansas, Oklahoma and Kansas to CVM Inc. of Van Buren for $25.9 million.

CVM operates a chain of CV's Family Foods stores in the Arkansas River Valley surrounding Fort Smith. The deal includes the real estate with some of the Marvin's stores.

After filing for Chapter 11 bankruptcy protection in April, Marvin's IGA asked the U.S. Bankruptcy Court for the Eastern District of Oklahoma to consider a proposal to sell its grocery stores to CVM, according to court records. The request was approved Nov. 24.

The stores will remain open and under their current names. The Marvin's employees and management team were to remain on the job at those stores.

The sale included the six Marvin's IGA stores in northwest Arkansas--three in Fayetteville and one each in Farmington, Lowell and Gravette.
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Title Annotation:NW journal: a look at news from Northwest Arkansas; CVM Inc.
Comment:Marvin's sells 21 IGA stores for $26m.(NW journal: a look at news from Northwest Arkansas)(CVM Inc.)
Author:Bowden, Bill
Publication:Arkansas Business
Article Type:Brief Article
Geographic Code:1USA
Date:Jan 10, 2005
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