Nutritional Sourcing debtor looks to sell Caugus store lease for $1.5 million

By Caroline Salls

Pittsburgh, Jan. 7 - Nutritional Sourcing Corp. debtor Pueblo International, LLC requested court approval to sell the leasehold interests in a Caugus, Puerto Rico, store to Burlington Coat Factory of Puerto Rico, LLC for $1.5 million, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Nutritional Sourcing said the store in question is vacant, and the lease expires in 2012.

Burlington paid a $50,000 deposit toward the purchase price.

According to the motion, in during a year of marketing the store, Burlington's offer was the only one the company received. As a result, Nutritional Sourcing said it does not feels it needs to conduct an auction.

Under the purchase agreement, the sale must close by Feb. 15.

A hearing is scheduled for Jan. 24.

Nutritional Sourcing operates a supermarket chain and a video rental store chain in Puerto Rico and the U.S. Virgin Islands. The company filed for bankruptcy on Aug. 3. Its Chapter 11 case number is 07-11038.

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