A federal bankruptcy court judge in White Plains today approved the sale of the Mattituck Waldbaum’s to Key Food for $4.375 million.
Key Food was the top bidder for the Mattituck supermarket, which was sold at auction in the Manhattan law offices of Weil, Gotshal & Manges two weeks ago. The Mattituck store was one of 72 that were the subject of a sale hearing in bankruptcy proceedings before Judge Robert Drain today.
The privately held Key Food Stores Cooperative Inc. is acquiring 16 stores in the bankruptcy sale, according to court filings. Its purchase of the Waldbaum’s store in Center Moriches was also approved by the court today, Newsday reported this afternoon. The Riverhead Waldbaum’s is not being sold and is closing this weekend.
Ryan Anderson, an employee at the Mattituck supermarket for the past eight years, said he is looking forward to the transition which, employees were told, will begin next week.
“I think it will be a good thing for this store and this town,” Anderson said outside the supermarket this afternoon. “I feel like we need a change and this will be for the better for the employees and for the town itself,” he said. “Key Food has better prices, better deals and people I know who work for Key Food said it’s a very good company to work for.”
Anderson, 24, who started working at the Mattituck Waldbaum’s while still a student at Southold High School, said it is his understanding that Local 342 of the United Food and Commercial Workers will be representing the Key Food employees at the Mattituck store. The Mattituck Waldbaum’s, which employs about 40 people, is currently a Local 342 shop. Labor union representatives could not immediately be reached for comment, but Local 342 does represent workers at many Key Food Stores, according to the union’s website.
“I’m really hoping for the best,” Anderson said.
