Balducci’s to close four locations

Bethesda, Md. Gourmet grocer Balducci’s plans to shutter four of its 10 locations. The closings include the company’s two Manhattan locations, one in Connecticut and one in Washington, D.C.

In 1999, the company merged with Sutton Place Gourmet, another upscale, specialty-foods purveyor, which was acquired in 2003 by Bear Stearns Merchant Banking, a private-equity fund that recently changed its name to Irving Place Capital.