Kroger’s CEO insists shoppers would see lower prices after chain’s merger with Albertsons

By Claire Rush and Dee-Ann Durbin, Associated PressKroger CEO Rodney McMullen leaves federal court after testifying during a federal court hearing on Wednesday, Sept. 4, 2024, in Portland, Ore. The Federal Trade Commission is seeking a preliminary injunction to block a merger of supermarket companies Albertsons and Kroger.

“The day that we merge is the day that we will begin lowering prices,” McMullen said while under questioning by a lawyer representing his company. McMullen countered that argument by saying that Albertsons prices are 10-12% higher than Kroger’s and that the merged company would try to reduce the disparity as part of a strategy for keeping customers. Walmart now controls around 22% of U.S. grocery sales. Combined, Kroger and Albertsons would control around 13%.His statements and the upcoming testimony of Albertsons CEO Vivek Sankaran were expected to be critical components of the three-week hearing, which is at its mid-point.

The FTC and labor union leaders also claim that workers’ wages and benefits would decline if Kroger and Albertsons no longer compete with each other. They’ve additionally expressed concern that potential store closures could create so-called food and pharmacy “deserts” for consumers. The FTC alleges that C&S is ill-prepared to take on those stores. Laura Hall, the FTC’s senior trial counsel, cited internal documents that indicated C&S executives were skeptical about the quality of the stores they would get and may want the option to sell or close them.

Indonesia Berita Terbaru, Indonesia Berita utama

Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.

Kroger CEO says shoppers would see price shift after merger with AlbertsonsKroger operates 2,800 stores in 35 states, including brands like Ralphs, Smith’s and Harris Teeter. Albertsons operates 2,273 stores in 34 states, including…
Sumber: nbcchicago - 🏆 545. / 51 Baca lebih lajut »

Kroger CEO says shoppers would see price shift after merger with AlbertsonsKroger operates 2,800 stores in 35 states, including brands like Ralphs, Smith’s and Harris Teeter. Albertsons operates 2,273 stores in 34 states, including…
Sumber: nbcchicago - 🏆 545. / 51 Baca lebih lajut »

Kroger CEO says shoppers would see price shift after merger with AlbertsonsKroger operates 2,800 stores in 35 states, including brands like Ralphs, Smith’s and Harris Teeter. Albertsons operates 2,273 stores in 34 states, including…
Sumber: nbcchicago - 🏆 545. / 51 Baca lebih lajut »

Kroger's CEO says shoppers would see lower prices after the chain's merger with AlbertsonsThe chief executive officer of Kroger has insisted that merging with rival Albertsons would allow the two supermarket companies to lower prices and more effectively compete with retail giants like Walmart and Amazon.
Sumber: fox13seattle - 🏆 328. / 59 Baca lebih lajut »

Kroger CEO defends potential Albertsons merger in federal court testimony: 'We will begin lowering prices'The $24.6 billion Kroger-Albertsons deal would be the largest grocery chain merger in U.S. history.
Sumber: CBSNews - 🏆 87. / 68 Baca lebih lajut »