Kroger has sold off its convenience store business unite to EG Group for approximately $2.15 billion.
EG Group, a privately-held petrol forecourt convenience store retailer in the United Kingdom, agreed to purchase the chain form Kroger. The companies expect to close the transaction during the first quarter of Kroger’s fiscal year.
» TRENDING BUSINESS NEWS: Best Buy will stop selling CDs at all stores
EG Group will establish their North American headquarters in Cincinnati and continue to operate stores under their established banner names. The deal includes 784 stores operating across 18 states, including 66 franchise locations.
The convenience stores include: Kwik Shop, Quik Stop, Loaf ‘N Jug, Tom Thumb and Turkey Hill. Kroger announced in October 2017 its intention to explore strategic alternatives for its convenience store business, including a potential sale, in conjunction with Restock Kroger.
“Our convenience store business has been a part of our company for many years. We want to thank our management team and associates for their enduring commitment to our customers, and for the contributions they have made to build our supermarket fuel business,” said Mike Schlotman, Kroger’s executive vice president and chief financial officer.
FIVE FAST BUSINESS READS
Thank you for reading the Dayton Daily News and for supporting local journalism. Subscribers: log in for access to your daily ePaper and premium newsletters.
Thank you for supporting in-depth local journalism with your subscription to the Dayton Daily News. Get more news when you want it with email newsletters just for subscribers. Sign up here.