Is St. Cloud’s Lunds & Byerlys Future At Risk Because of a Sibling Feud?
The sibling owners of Lunds & Byerlys are in a battle, and it's become ugly. So ugly, that a judge needs to make a decision that affects the financial future of the chain grocery store.
The Lund children, who are all adults, are all co-owners of the Lunds & Byerlys chain. Of these four siblings, one of them wants to be bought out at a price that the others feel is not realistic.
Kim Lund is asking the company to buy out her 25% share for $80.4 million, an amount that her sibling owners feel would "cripple" the company financially. They've counter-offered a buyout for $21 million, an amount that Kim is not satisfied with.
This heated battle is now in a Hennepin County courtroom with Chief Judge Ivy Bernhardson left with the decision to decide. The decision could put a strain on the grocery chain's success, which the shareholders say is because they have no debt. A payout of $81 million would change all of that.
It's uncertain if Lunds Inc. would have to close any stores, which includes a location in St. Cloud, if the decision doesn't go their way.