Safeway to sell 16 of its Genuardi's stores in Pennsylvania area to Ahold USA's Giant Food Stores; Safeway will close three Pennsylvania Genuardi's stores, sell its eight remaining Genuardi's stores, which it will operate while it seeks potential buyers
Cindy Allen
PLEASANTON, California
,
January 5, 2012
(PRNewswire)
–
Safeway Inc. (NYSE: SWY - News) announced today it has reached a definitive agreement to sell 16 of its Genuardi's stores in the greater Philadelphia area to Giant Food Stores, LLC, a division of Ahold USA . Safeway will continue to operate these stores until the transaction closes, and the company is working through an orderly transition for all of these stores. The following is a list of Pennsylvania locations to be sold to Giant:
Chalfont Newtown East Marlborough North Wales Flourtown Roslyn Huntingdon Valley Spring House Jamison Springfield King of Prussia St. David's Langhorne West Chester Maple Glen Wynnewood
The transaction is subject to customary closing conditions, including regulatory approval.
In addition, Safeway plans to close three Genuardi's stores and sell the remaining eight Genuardi's stores, which it will continue to operate while it is working with potential buyers. The three Pennsylvania stores to be closed are: Exton, Norristown (1930 West Main St.), and Royersford
"We have made the decision to exit the greater Philadelphia market, including four stores in New Jersey , and focus our resources in those operating areas where we have a stronger presence," said Steve Neibergall , President of Safeway's Eastern Division. "We will be working with the purchasers to ease the transition for our store employees and making efforts to facilitate continued employment for as many of them as possible."
About Safeway www.Safeway.com
Safeway Inc. is a Fortune 100 company and one of the largest food and drug retailers in North America , based on sales. The company operates 1,681 stores in the United States and western Canada and had annual sales of $41.1 billion in 2010. The company's common stock is traded on the New York Stock Exchange under the symbol SWY.
* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.
