January 6, 2012 |
In what amounts to its biggest expansion move ever in the Philadelphia market, Giant Food Stores on Thursday announced it had acquired 16 Genuardi's supermarkets from Safeway Inc. for $106 million. The transfer of ownership to Giant of 16 of 27 Genuardi's stores in the region - coupled with the closing of three more stores and the hoped-for sale of the remaining eight - likely signals the end of the Genuardi's grocery name, which was among the region's most highly regarded before Safeway acquired the family-owned business in 2001.
July 26, 1986 |
A $60-a-share tender offer for two-thirds of Strawbridge & Clothier's common stock expired today at 12:01 a.m. Berry Acquisition Co., the company created by investor Ronald S. Baron to initiate a takeover of the Philadelphia company, announced yesterday that it would not extend its offer or buy any of the 1.2 million shares that had been tendered. Baron said he would continue to "pursue vigorously all available avenues" for realizing the full value of all shareholders' investments in the company, including "seeking to interest others in acquiring the company.
June 13, 2012 |
It is no mere stroke of good fortune that three former Genuardi's supermarkets in the Philadelphia suburbs will reopen this weekend as Weis Markets. The stores — on Ridge Pike in Conshohocken, West Germantown Pike in East Norriton, and Old Dublin Pike in Doylestown — are part of a calculated strategy to expand a little-known name deeper into the Philadelphia region, where, despite the presence of many grocery options, new players can't seem to stay away. The Sunbury, Pa.-based Weis chain has been remaking itself for several years, rebranding all its holdings in its core central and north-central Pennsylvania markets: Mr. Z's stores in the Poconos and Scranton/Wilkes-Barre area have become Weis Markets, as have King's stores in the Lehigh Valley and Scot's Lo Cost stores.
July 23, 2012 |
Dave Margavich was nervous and maybe a bit officious in his store-manager uniform as stragglers pushed shopping carts through barren grocery aisles like zombies scavenging for the last bites off a carcass. Their prey: the few discounted scraps that remained on shelves at the Genuardi's in St. Davids, a supermarket that opened on Lancaster Avenue as a jewel of the Main Line in 1992, but that on July 12 was mere minutes away from checking out its final customer. The lone populated produce island contained 13 potatoes, nine oranges, 10 green apples, a few bananas, some plantains, and an oddly plentiful basket of garlic.
June 14, 1986 |
Safeway Stores Inc. said yesterday that it planned to remain independent despite Dart Group Corp.'s disclosure that it might attempt to acquire the giant supermarket chain. Dart Group, a Landover, Md.-based operator of book-retailing and automotive parts businesses, made the disclosure Thursday in a filing with the Securities and Exchange Commission. It also said a partnership it controls had acquired 5.9 percent of Safeway's 61 million common shares outstanding. Safeway chairman Peter A. Magowan yesterday issued a terse statement from the company's Oakland, Calif.
September 9, 1986 |
At the bottom of the New York Times (Aug. 19, page D4), was a three- paragraph item that tells you more about the values of our times than most of the stuff printed on page one. It said that Safeway had laid off one- quarter of its headquarters staff. For 300 people, the other shoe had dropped. The first shoe hit with a celebrated thud - a sure 10 on the Richter scale for greed. Safeway, the nation's largest supermarket chain, announced it was taking itself private - cannibalizing itself for the profit of its officers, shareholders, bankers, lawyers, lenders.
March 24, 1988 |
The Commerce Department yesterday fined Safeway Stores Inc. $995,000 to settle charges that the grocery chain violated the Export Administration Act. Undersecretary of Commerce Paul Freedenberg said the penalty was the largest civil fine in the department's 10-year enforcement of anti-boycott laws. In July 1987, the department charged Safeway with multiple violations in connection with its operation of markets in Saudi Arabia and Kuwait. The government accused Safeway, among other things, of refusing to do business with U.S. suppliers.
March 8, 2014 |
Acme Markets' corporate parent, the Albertsons grocery-store chain, on Thursday purchased Safeway Inc., for about $9 billion. Albertsons is controlled by an investor group led by Cerberus, a New York-based private-equity firm. Other investors included Philadelphia-based Lubert-Adler Partners, Kimco Realty Corp., Klaff Realty L.P., and Schottenstein Real Estate Group. With the purchase of Safeway, the group will now control about 2,400 grocery stores, making it one of the largest chains in the country.
October 13, 2011 |
PLEASANTON, Calif. - Safeway Inc.'s fiscal third-quarter profit rose 6 percent as the grocery chain generated stronger revenue from gasoline sales and cost control efforts. Its shares rose more than 4 percent in premarket trading. The operator of the Philadelphia region's Genuardi's chain, as well as Von's, Dominicks, Safeway and other grocery chains, reported Thursday that its net income rose to $130.2 million, or 38 cents per share, for the period ended Sept. 10. That's up from $122.8 million, or 33 cents per share, a year ago. Revenue rose 7 percent to $10.06 billion from $9.4 billion.
July 22, 2010 |
PLEASANTON, Calif. - National grocery operator Safeway Inc.'s second-quarter net income fell 40 percent and the company lowered its outlook on Thursday in the face of tough competition and declining retail prices. The chain, which is the parent of the Philadelphia region's Genuardi's stores, doesn't expect prices to rebound until the fourth quarter. Quarterly net income fell to $141.3 million, or 37 cents per share, matching the average expectation of analysts surveyed by Thomson Reuters.