RELATED PARTY INFORMATION

9 Months Ended

Apr. 29, 2023

Related Party Transactions [Abstract]

RELATED PARTY INFORMATION

RELATED PARTY INFORMATION

    A description of the Company’s transactions with Wakefern, its principal supplier, and with other related parties is included in the Company’s Annual Report on Form 10-K for the year ended July 30, 2022.  

    On August 15, 2022, notes receivable due from Wakefern of $28,850 that earned interest at the prime rate plus 1.25% matured. The Company invested all of the proceeds received in variable rate notes receivable from Wakefern that earn interest at the prime rate plus .50% and mature on August 15, 2027. On September 28, 2022, the Company invested an additional $30,000 in variable rate notes receivable from Wakefern that earn interest at the prime rate plus .50% and mature on September 28, 2027. At April 29, 2023, the Company held variable rate notes receivable due from Wakefern of $30,799 that earn interest at the prime rate plus .75% and mature on February 15, 2024, $30,212 that earn interest at the prime rate plus .50% and mature on August 15, 2027 and $31,188 that earn interest at the prime rate plus .50% and mature on September 28, 2027. Wakefern has the right to prepay these notes at any time. Under certain conditions, the Company can require Wakefern to prepay the notes, although interest earned since inception would be reduced as if it was earned based on overnight money market rates as paid by Wakefern on demand deposits.

    Included in cash and cash equivalents at April 29, 2023 and July 30, 2022 are $105,832 and $110,739, respectively, of demand deposits invested at Wakefern at overnight money market rates.

On April 28, 2022, the Company entered into a partnership agreement for 30% interest in the development of a retail center in Old Bridge, New Jersey, which includes a Village replacement store with future lease obligations of $9,280. Village's share of project costs are estimated to be $15,000 to $20,000. As of April 29, 2023, Village has invested $9,278 into the real estate partnership, which is accounted for as an equity method investment.

    There have been no other significant changes in the Company’s relationships or nature of transactions with related parties during the 39 weeks ended April 29, 2023.