Dutch retailer Royal Ahold has said its US operating company Giant Food Stores has acquired 14 suburban Philadelphia stores from Clemens Markets.
The company said 13 stores will be converted to the Giant Food Stores banner and one will continue to operate under the existing foodsource banner.
The stores posted combined net sales of approximately US$190m in 2005.
In an associated transaction, the remaining eight Clemens stores will be sold to C&S Wholesale.
It is expected that the transaction will be completed during the fourth quarter of this year.
“This is an excellent fit for Giant and will provide an opportunity to reach many new customers in Greater Philadelphia,” said Tony Schiano, president and CEO of Giant Food Stores. “The Clemens stores have experienced staff and great customer service. We will do everything we can to make sure they are warmly welcomed into the Giant family.”
Ahold’s two largest investors recently came out in favour of selling the company’s businesses in the US, pressure that the company has staunchly resisted.