Just days into January and we already have a major retail acquisition to whet our appetites. Ahold Delhaize’s Stop & Shop banner announced it has agreed to acquire New York grocery chain King Kullen in a deal that will shift ownership of 32 supermarkets, five Wild by Nature stores, and a corporate office located in Bethpage, New York.
"King Kullen is a well-respected grocery chain in the Long Island market that has an 88-year tradition of excellent customer service," said Mark McGowan, Stop & Shop’s President. "We look forward to bringing our quality, selection, and value to more communities in Nassau and Suffolk Counties."
In a press release, Stop & Shop shared that it expects the acquisition to close during the first quarter of 2019, but clarified that the deal is still subject to customary closing conditions.
"In 1930, Michael J. Cullen opened the first King Kullen and ushered in the era of the great American supermarket," said Brian Cullen, Co-President of King Kullen Grocery Co. "As a family-owned and operated business, we are very proud of our heritage and extremely grateful to all of our associates and customers for their support over the years. We are confident the Stop & Shop brand will carry on our legacy of service in the region."
In an additional release, Ahold Delhaize explained that the acquisition is part of the brand’s continued expansion on Long Island, New York.
"This transaction underscores our commitment to further strengthen the positions of our great local brands in the U.S., both through organic growth and fill-in acquisitions," said Ahold Delhaize CEO Frans Muller.
Deli Market News is just getting started with hot retail news for 2019—so stay tuned!