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KROGER REACHES AGREEMENT TO PURCHASE HANNAFORD STORES IN VIRGINIA
Deal Marks Kroger's Entry into Growing Communities of Richmond and Tidewater
CINCINNATI, OH, May 31, 2000 -- The Kroger Co. (NYSE: KR) and Hannaford Bros. Co. (NYSE: HRD) today announced that they have reached an agreement under which Kroger plans to purchase 20 Hannaford supermarkets in Virginia. Both companies expect the transaction, which is subject to certain conditions, to be completed within 60 days.
The 20 stores are located in Richmond and Tidewater, both of which rank among the top 100 Metropolitan Statistical Areas (MSAs) in the nation. The stores will operate under the Kroger banner as part of the Company’s Mid-Atlantic Division, which is based in Roanoke. Kroger currently operates 44 stores in Virginia.
“This transaction will open two new markets for Kroger and offer exciting growth opportunities as we continue to expand our business in Virginia,” said Pete Williams, president of the Mid-Atlantic Division. “Richmond and Tidewater are attractive markets with large populations and healthy economies. Shoppers throughout much of Virginia are familiar with Kroger’s high-quality perishables, competitive prices and outstanding customer service. Now we can bring that same level of service, selection and value to new communities. We look forward to welcoming the employees of these stores to the Kroger family. One of our first priorities will be to meet with them to discuss career opportunities.”
Headquartered in Cincinnati, Ohio, Kroger is the nation’s largest retail grocery chain. The Company currently operates more than 2,300 supermarkets and multi-department stores in 31 states under more than a dozen banners, including Kroger, Fred Meyer, Ralphs, Smith’s, King Soopers, Dillon, Fry’s, City Market, Food 4 Less and Quality Food Centers. Kroger also operates 796 convenience stores, 389 fine jewelry stores and 42 food processing plants.
Media: Gary Rhodes
Investor Relations: Kathy Kelly
||From: Corporate Affairs Department
The Kroger Co.
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