Albertsons Terminates Merger Agreement, Sues Kroger for Breach of Contract
According to Albertsons CEO Vivek Sankaran, the company is deeply disappointed
Following inunctions from both the U.S. District Court in Oregon and the King County Superior Court for the State of Washington in regard to its proposed merger with The Kroger Co., Albertsons Cos. has moved to terminate the merger agreement. According to Albertsons CEO Vivek Sankaran, the company is deeply disappointed in the courts’ decisions.
“We start this next chapter in strong financial condition with a track record of positive business performance,” said Sankaran. “Over the last two years, we have invested in our core business and in new sources of revenue, while enhancing our capabilities through the rollout of new technologies.”
Continued Sankaran: “All of this has been built on a rich asset base, including our beloved brands in premium locations with substantial real estate value. These assets provide us the opportunity to optimize the acceleration of our Customers for Life strategy and other value-creating initiatives. We are excited about our agenda to create long-term value and are committed to returning cash to our stockholders both in the near term and in the future. We will be providing additional details on our plan no later than our earnings conference call in January 2025.”
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