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
How do you do most of your shopping now? https://t.co/9QzrHMMx4i @WHIORadio @daytondailynews— Kara Driscoll (@KaraDDriscoll) February 5, 2018
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
• Move over, bitcoin. GE researching blockchain technology
• Elder-Beerman parent company says 60+ stores could close under plan
• Kroger reportedly had development talks with Alibaba
• German grocery chain Lidl halts plans to open local store
• Bitcoin prices are plunging. What's really going on with cryptocurrency?
About the Author