Bankrupt grocery chain Haggen said on Wednesday it had received court approval to sell 47 stores on the West Coast, most of which will go back to grocer powerhouse Albertsons, as part of a plan to emerge from chapter 11, Reuters reported. Bellingham, Wash.-based Haggen ran into debt trouble this year after a costly and ambitious expansion drive that included the purchase of 146 supermarkets from the much larger Albertsons chain. Now 30 stores are being sold back to Albertsons, which has been preparing for an initial public offering. The sales are subject to certain conditions, Haggen said. Haggen sued Albertsons in September for damages that it said could exceed $1 billion, alleging its rival had failed to adhere to the terms of a $300 million purchase agreement for the stores. Albertsons has denied the charges.
