Michael Teel left his CEO position at Raley's - the company that his grandfather founded - in 2002. Since then he has become the majority shareholder of Prosper Magazine. But suddenly it appears he is headed back to the grocery business. And this time in Seattle. The target - Larry's Markets located in Seattle. A Sacramento investor group, headed by Teel, has made a $5.5M offer through the bankruptcy court and unless there is a higher offer by August 18th, the deal appears to be headed for a September 1 close. Under the terms of the deal, only 5 or the 6 stores would be purchased, along with the company's catering business. The company has approximately 500 employees and filed for bankruptcy in May.

Gillian Parrillo
The Sacramento Executive