US retailer Weis Markets has announced plans to purchase the stores of New York-based Giant Markets.
Weis will purchase Giant Markets’ Broome County stores located in Binghamton, Vestal, Endicott, Endwell and Johnson City.
The purchase is expected to be completed in 90 days by 21 August.
“This acquisition is an excellent strategic fit for our company. Giant Markets is the market leader in Broome County where they have excellent locations, modern stores and a strong market presence,” said Weis Markets’ vice chairman Jonathan Weis. “For many years, they have been a significant part of the community and they’ve offered an excellent combination of quality, value and service. We are pleased to be working with their associates and look forward to welcoming them to our organisation.”
Weis Markets is based in Sunbury, Pennsylvania. It currently operates 154 stores in Pennsylvania, Maryland, New Jersey, New York and West Virginia.
In April, the retailer posted a jump in first-quarter profits to US$16.5m for the three months to 28 March – up 82.4% on the year. The company’s sales rose by 1.8% to $606.2m, with comparable-store sales up 1.6%.