Kroger, Albertsons pledge to cut prices by $1 billion after merger

FILE - A customer removes her purchases at a Kroger grocery store in Flowood, Miss., June 26, 2019. Kroger and Albertsons are looking to sweeten the deal for U.S. regulators concerned about the proposed $25 billion merger between the two grocery chains.

Kroger said it plans to cut prices by $1 billion if the merger with Albertsons can get approval. The companies previously promised to cut prices by $500 million in February. If the merger goes through, it would create a mega-chain of grocery stores of more than 4,000 stores across the country. The companies have a

“As we’ve prepared for integration since announcing our planned merger nearly two years ago, we continued our ongoing work to confirm and increase opportunities to generate efficiencies to invest back in customer prices, associate wages and store experience,” a Kroger spokesperson toldover email. “After the merger closes, Kroger will invest $1 billion to lower Albertsons’ prices, consistent with Kroger’s track record of fighting inflation and providing value to customers.

But Kroger has contended the merger would result in the opposite. Beyond its latest commitment to cut prices by $1 billion, Kroger has also previously said it would increase worker wages by $1 billion. Both companies are also looking to sell nearly 600 stores nationwide,Kroger, Albertsons and the Federal Trade Commission will step before the court on Aug. 26 in Portland to determine if the merger will go through.

The Dallas Morning News’ annual ranking of the 150 largest publicly traded companies in Dallas-Fort Worth, based on revenue from fiscal year 2023, is here to unpack the chaos. The ranking is one of the most comprehensive on the market, making it a useful tool for potential job-seekers, a reference for rivals looking to check-in on their competitors and a gauge of the region’s general business health.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Albertsons-Kroger grocery merger has no friends among these 5 LA City Council membersThe council members are co-authors of a resolution that says the proposed merger is anti-competitive, would lead to higher prices and would undermine workers and communities across L.A.
Source: ladailynews - 🏆 332. / 59 Read more »

Wall Street skeptical as Kroger promises to slash grocery prices by $1B after Albertsons mergerThe merger has faced substantial legal hurdles and comes at a time of low consumer sentiment.
Source: nypost - 🏆 91. / 67 Read more »

Kroger, Albertsons halt merger plans while Colorado lawsuit proceedsSupermarket chains Kroger and Albertsons agreed to temporarily halt their proposed merger in Colorado until a judge has considered the state’s objections.
Source: NBCDFW - 🏆 288. / 63 Read more »

Kroger and Albertsons merger on hold until Denver court rules on lawsuitDenver judge issued a preliminary injunction Thursday — which all sides agreed to — that prevents the $24.6 billion merger from closing until five days after the lawsuit is addressed.
Source: denverpost - 🏆 13. / 72 Read more »

Kroger-Albertsons merger temporarily halted amid lawsuitKroger and Albertsons are the parent companies of King Soopers/City Market and Safeway, the biggest grocery store chains in Colorado.
Source: AKNewsNow - 🏆 460. / 53 Read more »