JUST IN: Kroger will acquire Albertsons for almost $25 billion. The parent company of King Soopers will merge with Albertsons in a move that will impact two of Colorado’s well-known retailers.
“We are bringing together two purpose-driven organizations to deliver superior value to customers, associates, communities and shareholders,” said Rodney McMullen, Kroger chairman and CEO, who plans to serve in the same roles at the combined company. “Albertsons Cos. brings a complementary footprint and operates in several parts of the country with very few or no Kroger stores.”
However, not all are pleased with the announcement. Greg Ferrara, president and CEO of the National Grocers Association, said the merger “would not only put smaller competitors at an unfair disadvantage, but also increase anticompetitive buyer power over grocery suppliers, which ultimately would harm consumers.”
His trade association expects “this deal will receive rigorous scrutiny from federal antitrust enforcers.” “A merger of the nation’s top two grocery chains should raise serious questions about a single supermarket giant gaining unprecedented dominance over the nation’s food supply chain,” Ferrara said.
Under the merger, over $1 billion would be incrementally invested into Albertsons stores “to enhance the customer experience,” according to the news release, and the merged company expects to put another $1 billion toward raising associate wages and benefits.
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