Bashas' rejects Albertsons' buyout bid

NEW YORK Bashas’ has turned down a nearly $300 million buyout offer from Albertsons, according to published reports.

According to an American City Business Journals article, the Chandler, Ariz.-based Bashas’ was uninterested in a buyout offer of $290 million for the chain.

Bashas’ filed for Chapter 11 bankruptcy protection in July, announcing the following month that it would close 14 stores. Still, the published reports quoted an attorney representing the company as saying that the reorganization plan would ensure Bashas’ remained in the hands of the Bashas family, which has owned it since 1932.