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1 MIN READ

USA: Kroger sells stake in Lucky’s Market

December 9, 2019
-
Mergers & Acquisitions, North America, Retail

Kroger, the leading US grocery retailer, has announced it has divested its stake in Lucky’s Market, a Colorado-based chain of food stores specializing in organic products.

The disposal comes less than four years after the two firms announced a “strategic partnership”, with Kroger making a “meaningful investment” that was designed to increase Lucky’s Market’s store footprint. The sale of the stake reportedly resulted in Kroger being hit with a $238 million impairment charge.

Commenting on the move, which will see Kroger largely move out of smaller format and convenience retailing, Kroger chief financial officer Gary Millerchip said: “As part of a portfolio review, we made the decision to evaluate strategic alternatives in relation to our investment in Lucky’s Market”, adding: “We do believe that there’s still a role for the small format store”.

Source: Food Business News / Progressive Grocer

Tags
Kroger
Lucky's Market
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