by Kevin Surbaugh relying on information contained in a PR Newswire Press Release
CINCINNATI, OH and BLACKBURN, United Kingdom - Baldwin Cities only convenience store chain will soon be under new ownership. According to a press release,
The Kwik Shop chain of gas stations and convenience stores, along with it's sister chains was included in a
$2 billion deal between Kroger and the British-based EG Group. Kroger, which also owns Dillons, agreed to sell all of
its gas station/convenience store operations to EG Group.The supermarket fuel centers, were not included in the deal, according to the press release.
The release further stated,
Some customers may wonder if the convience stores will continue to offer discounts with the supermarket shopper cards, but attempts to reach the companies for further comment went unanswered.
Kroger plans to use the net proceeds from the sale to repurchase shares and to lower its total debt, the release stated. As part of the agreement, EG Group will establish their North American headquarters in Cincinnati, Ohio and continue to operate all convience stores under their established banner names.
CINCINNATI, OH and BLACKBURN, United Kingdom - Baldwin Cities only convenience store chain will soon be under new ownership. According to a press release,
The Kroger Co. (NYSE: KR) and EG Group, a privately-held petrol forecourt convenience store retailer based in Blackburn, Lancashire, United Kingdom, today announced a definitive agreement for the sale of Kroger's convenience store business unit to EG Group for $2.15 billion. The companies expect to close the transaction during the first quarter of Kroger's fiscal year.
 |
| Add caption |
The release further stated,
Kroger's convenience store business operates in 18 states. It includes 66 franchise operations. The stores employ 11,000 associates and operate under the following banner names: Kwik Shop, Turkey Hill, Loaf 'N Jug, Tom Thumb and Quik Stop. Kroger's convenience store business generated revenue of $4 billion, including selling 1.2 billion gallons of fuel, in 2016.
Some customers may wonder if the convience stores will continue to offer discounts with the supermarket shopper cards, but attempts to reach the companies for further comment went unanswered.
Kroger plans to use the net proceeds from the sale to repurchase shares and to lower its total debt, the release stated. As part of the agreement, EG Group will establish their North American headquarters in Cincinnati, Ohio and continue to operate all convience stores under their established banner names.
No comments:
Post a Comment
The Baldwin City Gazette welcomes your comments, as long as they are on topic and remain respectful to others. Please no anonymous comments. Comments containing advertising will be marked as spam, this includes links.