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Albertsons acquires 29 Haggen core stores in Washington and Oregon

RBR Staff Writer Published 15 March 2016

Albertson's has submitted a binding bid letter and form of Asset Purchase Agreement to Haggen for the purchase of 29 of Haggen's core stores.

This is a step in the process to obtain bankruptcy court approval, following Haggen's Chapter 11 filing on September 8, 2015, which is required for consummation of the purchase.

The proposed plan would create a separate business unit for 14 Haggen stores which today are part of the original Haggen "legacy" store chain. They would continue to be operated separately from Bellingham under their existing Haggen name along with a legacy Safeway location in Oak Harbor, Washington that was converted to a Haggen location in 2015. The remaining 14 stores are stores that Haggen acquired from Albertsons in 2015. Following the transaction close, these stores will be transitioned over time back to the Albertsons banner, six of which will be operated by Albertsons' Seattle division and eight by the Portland division. Antitrust clearance of the acquisition was obtained last week. The company expects to close on the transaction in the coming weeks, pending customary legal and bankruptcy court approvals.

"Haggen's original core group of Pacific Northwest stores set the gold standard in the markets they serve for quality fresh products and exceptional service," said Bob Miller, Albertsons Chairman and Chief Executive Officer. "We are proud to now be associated with this tradition, and want to assure Haggen's dedicated shoppers that the stores will continue to offer customers the freshest local products available and exceptional service, with the same great employees at the stores." Albertsons plans to hire substantially all store employees and also honor existing labor agreements to staff the stores.

Haggen has a strong reputation and deep roots in the communities it serves, which will continue to be fostered beyond the transaction close. They have established and well-known practices for supporting regional farms, ranches and fisheries, and for supporting a sustainable local food economy.

 



Source: Company Press Release