The Business Journal of Milwaukee reports that Nash Finch and Roundy’s have settled lawsuits that centered on the acquisition by Nash Finch of two Roundy’s distribution centers in 2008. After the sale of the centers for $225 million, according to the story, “Roundy’s contended that Nash Finch agreed to pay an additional $7.9 million for the centers … through a ‘post-closing purchase adjustment’ agreement reached in April 2007. Since then, however, Nash Finch has repeatedly refused to follow through with the payment, breaching the contract, according to the lawsuit.
“In response, Nash Finch contended Roundy’s breached the sales contract by ‘overstating the earnings’ of the two centers and ‘overstating rebates’ it received from vendors. The filing sought $18 million in counterclaim damages.”
The solution reached by the two companies: nobody owes anybody anything, they shake hands and walk away.
“In response, Nash Finch contended Roundy’s breached the sales contract by ‘overstating the earnings’ of the two centers and ‘overstating rebates’ it received from vendors. The filing sought $18 million in counterclaim damages.”
The solution reached by the two companies: nobody owes anybody anything, they shake hands and walk away.
- KC's View:
- It’s nice that they’ve both decided to play well with others. Gives one hope.
