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.

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