Giant Food Stores to Acquire Stores from Clemens Markets Inc.
The 14 Clemens stores had net sales of approximately USD 190 million in 2005. In an associated transaction, an additional eight Clemens stores will be sold to C&S Wholesale Grocers Inc., its affiliates or its customers.
The closing of the transaction is expected in the fourth quarter of this year and is subject to customary closing conditions including applicable regulatory approvals. The transaction includes store personnel, inventory, equipment and existing lease agreements.
"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," continued Schiano.
Giant currently operates 103 stores as Giant Food Stores, 119 stores as Tops Markets and 26 stores as Martin's Food Markets. With nearly 38,000 employees, Giant serves a six state market area including Pennsylvania, Maryland, Virginia, West Virginia, New York and Ohio.
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