Bankrupt Bruno's agrees to sell stores

BIRMINGHAM, Ala. (AP) - Birmingham-based Bruno's Supermarkets, which filed for bankruptcy about three months ago, has agreed to sell its 56 operating stores in Florida and Alabama to Southern Family Markets Acquisitions II LLC for $45.8 million.

Bruno's says the buyer plans to operate 31 stores and liquidate the other 25. Bruno's issued a statement saying it would seek approval of the agreement in U.S. Bankruptcy Court on Monday. "I am pleased that we were able to come to an agreement with Southern Family that not only preserves jobs at our store locations but also delivers more value to our creditors than other potential outcomes would," said Jim Grady, chief restructuring officer for Bruno's.

(Copyright 2009 by The Associated Press. All Rights Reserved.)