July 24, 2024 Breaking News, Latest News, and Videos

Palisades’ Vons Market Among Hundreds to be Sold Under Merger Plan

The Sale Is Intended to Satisfy Regulators

The Vons supermarket in the Pacific Palisades, located at 17380 Sunset Blvd, is one of hundreds of stores that Kroger and Albertsons seek to sell in order for regulators to approve their massive merger, as per an updated plan. 

The intended $25 billion merger between the grocery franchises was first announced in 2022, when an agreement was reached for Kroger to acquire Albertsons. Both chains are the parent companies of prominent California brands: Safeway, Vons and Pavilions belonging to Albertsons, while Kroger owns Ralphs and Food 4 Less. 

If approved, the new combined business would own almost 5,000 stores, thousands of pharmacies and fuel centers, and dozens of distribution centers and plants, according to Patch. 

While union leaders and regulators criticized and attempted to block the move, such as when the FTC sued to halt the acquisition in February, Kroger CEO Rodney McMullen alleged the move would save as much as $1 billion and lead to lower prices and higher wages.

Under the deal, Golden State locations would be sold to C&S Wholesale Grocers, according to Patch. 

The Pali storefront would be one of more than 60 California locations offloaded by the companies, and among several in L.A. County such as those in Malibu, Culver City, Beverly Hills, Huntington Beach, Marina del Rey and West Hollywood. 

In its suit, the FTC asserts that the deal would lead to higher prices for groceries and other essential household items, reduce competition which would lower the quality of products while narrowing consumers’ choices for where to shop, and erase competition among workers. 

“This supermarket mega merger comes as American consumers have seen the cost of groceries rise steadily over the past few years. Kroger’s acquisition of Albertsons would lead to additional grocery price hikes for everyday goods, further exacerbating the financial strain consumers across the country face today,” said Henry Liu, Director of the FTC’s Bureau of Competition, in a news release. “Essential grocery store workers would also suffer under this deal, facing the threat of their wages dwindling, benefits diminishing, and their working conditions deteriorating.”

That suit is scheduled for trial at the end of August, according to Patch.
For a full list of the two chains’ stores and distribution centers planned for divestment, go to https://assets.website-files.com/63128e32f4c52f8fbaea44ef/668d7eb1797a0acfbe72ca8d_Planned%20Divestiture%20Locations.pdf.

in Hard, News
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