Belgium-based retailer Delhaize Group has announced that it has signed an agreement to sell its Bottom Dollar Food store locations in the USA to Aldi Inc.
The move affects Bottom Dollar Food’s 66 store locations in the greater Philadelphia and greater Pittsburg areas of the country.
According to Delhaize, the outlets will remain open under the Bottom Dollar name until the end of the year, at which point they will close and all the banner’s operations will be retired.
Frans Muller, President and CEO of Delhaize Group said: “The divestiture of Bottom Dollar Food further simplifies our business, increases debt capacity and creates shareholder value. The announcement is consistent with our strategy, announced in March, of investing in and focusing on our core markets”.
The deal, which is subject to customary closing conditions and is expected to be completed by the end of the first quarter 2015, is valued at approximately $15 million including the assumption of associated lease liabilities.