Albertson's will check out of the Big Easy
Aug 1, 2004 12:00 PM
Albertson's Inc plans to exit the New Orleans LA marketplace, and all stores will either be sold or closed.
The Boise ID-based grocery chain has entered into a definitive agreement to sell four of its New Orleans stores to the Great Atlantic & Pacific Tea Co (A & P). Discussions are underway with other potential buyers for the remaining stores and sites.
Larry Johnston, chairman, chief executive officer, and president said, “In markets where we are not number one or two, and cannot see a path to either get there or generate an acceptable return for shareholders, we will exit and use the proceeds to invest elsewhere.”
This decision affects only Albertson's stores in the New Orleans marketplace. It does not impact other Louisiana markets such as Baton Rouge.
