US: Stop & Shop strikes Foodtown deal
US supermarket group Stop & Shop has reached an agreement to acquire five Foodtown Stores in New Jersey from Norkus Enterprises for an undisclosed sum.
Stop & Shop, owned by Dutch retailer Ahold, operates ten stores in Monmouth and Ocean counties.
"Stop & Shop is always looking for opportunities and convenient locations to better serve our customers," Ron Onorato, president of Stop & Shop's NY metro division, said yesterday (18 May). "We are very excited to have the opportunity to expand our presence in Monmouth and Ocean Counties. We look forward to providing our customers in these areas the superior value and quality they have come to expect from Stop & Shop."
The company said that it will immediately begin a conversion process for all five stores.
Many Norkus Foodtown employees have been offered positions at the new Stop & Shop stores or at other outlets within the Stop & Shop chain, the company added.
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