Report: Kroger Bids for Albertson’s
New York City, Kroger appears to be in the running for Boise, Idaho-based Albertson’s. According to Reuters, not only has Albertson’s received a preliminary takeover bid from its Cincinnati-based rival Kroger Co., Albertson’s also has generated interest from pharmacy drugstore chains Walgreen Co., Rite-Aid and CVS.
Investment firms Kohlberg Kravis Roberts, Thomas H. Lee Partners and Yucaipa Companies are also in the bidding mix, according to reports. Albertson’s market value is estimated at about $10 billion, plus some $6.5 billion in debt.
Kroger Reaches Accord with Georgia Union
Cincinnati, The Kroger Co. reached a tentative agreements on two new 52-month contracts with the United Food & Commercial Workers Union Local 1996 in Atlanta and Savannah, Georgia. The tentative agreements cover approximately 16,000 Kroger associates at 175 stores, located primarily in Georgia. The UFCW will present the tentative agreements to its members for ratification. Kroger has been told by the UFCW that the union will recommend ratification of the contracts to its membership.
Target to Open Hot Location in Atlanta
Minneapolis, The much-talked-about mixed-use development in Atlanta–Atlantic Station–has another taker. Target Corp. will open a 150,000-sq.-ft., multi-level location in March 2007.
The Atlantic Station Target will have a ground-floor parking lot with an escalator and a vermaport (cart escalator), much like the IKEA store which opened last June in Atlantic Station (as covered by Chain Store Age, July 2005 issue, “Urban Cowboys” cover story).