Kroger, Albertsons to sell more than 400 stores to C&S Wholesale in a $1.9 billion cash deal in connection with the proposed merger

Kroger Co. KR, +0.82% and Albertsons Companies Inc. ACI, +0.09% announced Friday an agreement to sell 413 stores and 8 distribution centers across 17 states to C&S Wholesale Grocers LLC for $1.9 billion in cash, as part of the plan to gain regulatory approval of Kroger’s acquisition of Albertsons. The sale plan includes 2 offices and 5 private label brands.

“The divestiture plan ensures no stores will close as a result of the merger and that all frontline associates will remain employed, all existing collective bargaining agreements will continue, and associates will continue to receive industry-leading health care and pension benefits alongside bargained-for wages.” Kroger’s stock fell 1.8% in premarket trading and Albertsons shares gained 0.6%. Earlier, Kroger reported second-quarter sales that missed expectations and said it recorded a $1.

Ireland Ireland Latest News, Ireland Ireland Headlines

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

Kroger and Albertsons looking to sell 400 stores to wholesale grocery company, report saysGrocery giants Kroger and Albertsons – the respective parent companies of King Soopers and Safeway – are reportedly in the midst of negotiating an almost $2 billion deal with C&S Wholesale Groc…
Source: denverpost - 🏆 13. / 72 Read more »