To prevent any complications--including the possibility that Stop & Shop will have to pay up on its liabilities--Stop & Shop's agreement with Bradlees, guarantees that Bradlees will receive at least $150 million for its leases and other facilities. If other companies bid higher on the leases, which is likely, Stop & Shop and Bradlees would split the proceeds, unless a company bids higher than Stop & Shop on the whole package of leases.

The agreement also gives Stop & Shop first rights on leases it may want for its own and enables the company to negotiate with companies interested in other Bradlees leases. Stop & Shop is reportedly not interested in building supermarkets in the Bradlees sites.

Bradlees filed for bankruptcy court protection about three weeks ago. A bankruptcy judge has already approved auction procedures for the company's leases but the deal with Stop & Shop is still subject to bankruptcy court approval.