GIANT Food Stores of Carlisle, Pennsylvania has entered into an agreement with Genuardi’s Family Markets, a subsidiary of Safeway Inc., to acquire sixteen Genuardi’s stores in Greater Philadelphia for $106 million.
“GIANT is always looking for convenient locations to better serve our customers,” said Rick Herring, president, GIANT Food Stores. “We are very excited to have the opportunity to expand our presence in greater Philadelphia and serve new customers. We look forward to providing customers with the quality, selection, and savings that they have come to expect from GIANT.”
Upon completion of the sale, GIANT plans to convert the former Genuardi’s stores into GIANT Food Stores. Employment opportunities with GIANT will be made available to Genuardi’s associates in these stores. Additional details regarding the conversions will be announced at a later date.
The sale is currently expected to close within the first half of 2012, subject to customary closing conditions, including expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.