A proposed deal is poised to clear up the thorny issue of more than $2.6 million, including back rent, owed to the former landlord of Sickles in Red Bank, which had emerged as a potential obstacle to the return of Sickles Market in Little Silver.
The proposed agreement, which was filed in U.S. Bankruptcy Court in Trenton on Monday by Sickles' attorney and would reduce the amount due by more than 88%, is between Metrovation Anderson LLC, the owner of Red Bank's Anderson Building; Sickles owner Bob Sickles Jr.; and 1663 Partners LLC. 1663 is funding the plan to pull Sickles out of bankruptcy and reopen Sickles Market in Little Silver.
A hearing before U.S. Bankruptcy Court Judge Christine M. Gravalle in Trenton is scheduled for March 18. A hearing on whether to confirm Sickles' reorganization plan is on the docket the same day.
Sickles Market in Little Silver closed a year ago, part of a series of financial difficulties that took down one of Monmouth County's most storied family businesses. It followed the sudden closure of Sickles Red Bank in February 2024.
Its owner, Sickles, and AHS Realty LLC, his business which holds the land of the Little Silver store and his Rumson home, filed for Chapter 11 bankruptcy protection in May.
A reorganization plan, which is voted on by Sickles' creditors, includes plans to pay employees back wages in full and two weeks of severance for former employees. Also, the company will honor outstanding Sickles Markets gift cards "over time," documents state.
1663 Partners has said it hopes to reopen Sickles Market in Little Silver this summer and hire Sickles and his two daughters to run the company.
The group also wishes that the Sickles family be debt free at the end "so that they will be able to assist 1663 without debts hanging over their heads," court papers state.
Sickles and his wife personally guaranteed three leases with Metrovation at the Anderson Building, a renovated warehouse on Monmouth Street: Sickles Red Bank, Bottles by Sickles, a liquor store next door; and office space on the second floor.
Metrovation claimed $2.65 million in damages against Sickles. The largest unsecured creditor in the bankruptcy case, Metrovation's ballot rejected Sickles' reorganization plan, court papers state.
Afterward, Sickles and 1663 held "extensive negotiations back and forth" with Metrovation, court papers state. In the end, they agreed:
In court papers, Daniel M. Stolz, Sickles' attorney, said the settlement reduces Metrovation's claim by about $1.6 million. Metrovation's vote to accept the reorganization plan also will allow it to proceed on March 18.
"Finally the Metrovation settlement will allow the debtors to remove an obstacle to the funding from 1663 under the Plan," court papers state.
Meanwhile, Metrovation Anderson is moving on from Sickles.
It has leased the 8,000-square-foot space to a new market, called Anderson Market, a venture from Culture Collective, an Asbury Park-based hospitality group, which runs Reyla, Laylow and Barrio Costero.
Anderson Market will feature vendors offering everything from produce and cheese to meat, seafood and dumplings.
Local 130 Seafood, which sources sustainable and dayboat seafood and is based in Asbury Park, is the seafood vendor. Molly Boards, a charcuterie and cheese shop with a store in Point Pleasant Beach, is on the way too.
Booskerdoo Coffee & Baking Co. is staying and will be joined by a bakery, a noodle and dumpling concept, and a healthy food eatery serving salads and soups. There also will be a hot chicken concept offering hot chicken sandwiches and fries.
David P. Willis, an award-winning business writer, has covered business, retail, real estate and consumer news at the Asbury Park Press for 27 years. He writes APP.com's What's Going There column and can be reached at [email protected]. Please sign up for his weekly newsletter and join his What's Going There page on Facebook for updates.