Kroger's CEO says shoppers would see lower prices after the chain's merger with Albertsons

The chief executive officer of Kroger insisted Wednesday 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.

The two companies proposed joining forces in October 2022 after Kroger agreed to purchase Albertsons. The Federal Trade Commission sued early this year to prevent the deal, alleging the merger would eliminate competition and raise grocery prices at a time of already high food price inflation. 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.

Speaking in 2022 before the U.S. Senate subcommittee on competition policy, antitrust and consumer rights, the Albertsons CEO said his company’s acquisition of brands such as Safeway over the previous decade had allowed it to increase the number of its stores from 192 to 2,300.The FTC alleges that C&S is ill-prepared to take on those stores.

If she does decide to temporarily block the merger, the FTC plans to hold the in-house hearings starting Oct. 1. Kroger sued the FTC last month, however, alleging the agency’s internal proceedings are unconstitutional and saying it wants the merger’s merits decided in federal court. Ben Platt Marries Noah Galvin in Brooklyn Wedding Ceremony: 'Overwhelmed With Love, Sweaty, and Sobbing'Scotiabank announced today that it is decreasing its Canadian dollar prime lending rate to 6.45 per cent from 6.70 per cent, effective September 5, 2024.

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Kroger plans to lower prices by $1 billion after Albertsons merger closesKroger had previously promised to lower grocery prices by $500 million at Albertsons locations. The supermarket mega-merger, first announced in October 2022...
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Kroger and Albertsons defend merger plan in federal court against US regulators' objectionsPORTLAND, Ore. (AP) — Supermarket chain Albertsons told a federal judge Monday that it might have to lay off workers, close stores and even exit some markets if its planned merger with Kroger isn't allowed to proceed.
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Kroger and Albertsons head to court to defend merger plan against US regulators' objectionsPORTLAND, Ore. (AP) — Kroger and Albertsons defended their plan to merge – and tried to overcome the U.S. government’s objections – in a federal court hearing that began Monday in Oregon.
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Kroger, Albertsons head to court to defend merger plan against U.S. regulators’ objectionsFTC’s chief trial counsel says the grocers currently compete in 22 states, closely matching each other on price, quality, private label products and services such as store pickup
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Kroger and Albertsons head to court to defend merger plan against US regulators' objectionsPORTLAND, Ore. (AP) — Kroger and Albertsons defended their plan to merge – and tried to overcome the U.S. government’s objections – in a federal court...
منبع: YahooFinanceCA - 🏆 47. / 63 ادامه مطلب »