Albertson's to Put Itself Up for Sale
Boise, Idaho, The nation’s second-largest supermarket chain has announced that it is considering putting itself up for sale. Albertson’s cited lagging sales as the reason.
In June, Albertson’s reported 1Q earnings nearly tripled due to an acquisition and to recovery of the southern California market following a major labor dispute involving 59,000 supermarket workers. But analysts say the company’s underlying sales are still not as strong as its main competitors, among them Kroger Co.
According to the company, other “strategic alternatives” may be considered as well. Albertsons’ board has retained Goldman Sachs & Co. and Blackstone Group as financial advisors.