Safeway To Exit Philadelphia Market, Selling 16 Genuardi's To Giant Food

Date : 01/05/2012 @ 10:06AM
Source : Dow Jones News
Stock : Safeway Inc. (SWY)
Quote : 35.1  0.0 (0.00%) @ 2:05AM

Safeway To Exit Philadelphia Market, Selling 16 Genuardi's To Giant Food

safeway (NYSE:SWY)
Historical Stock Chart

5 Years : From Jan 2013 to Jan 2018

Click Here for more safeway Charts.

Safeway Inc. (SWY) said it intends to exit the Philadelphia market as it agreed to sell 16 Genuardi's stores to Ahold USA's Giant Food Stores unit and plans to close or sell its remaining Genuardi's stores.

"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.

Financial terms of the Giant Food deal weren't disclosed.

Safeway said it will close the three Genuardi's stores located in Exton, Norristown and Royersford.

The supermarket operator is working with potential buyers to sell its eight remaining Genuardi's stores.

Safeway--which operates regional chains such as Vons, Randalls, Tom Thumb and Carrs--has tried to offset rising wholesale-food and commodities costs by selling more of its private-label products and controlling costs. The company reported in October its third-quarter earnings rose 6% as higher fuel sales helped boost revenue, though margins slipped.

-By Melodie Warner, Dow Jones Newswires; 212-416-2283;

Latest SWY Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....

No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts

Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.