Albertsons abandons $25 billion merger with Kroger after judge blocks deal
CBSN
Albertsons on Wednesday called off its $24.6 billion merger with Kroger, a day after a judge temporarily blocked the union, and sued the rival grocery chain for breach of contract.
"Given the recent federal and state court decisions to block our proposed merger with Kroger, we have made the difficult decision to terminate the merger agreement," Albertsons CEO Vivek Sankaran said in a statement. "We are deeply disappointed in the courts' decisions."
Kroger, based in Cincinnati, Ohio, operates 2,750 stores in 35 states and the District of Columbia, including the chains Harris Teeter, Mariano's, Ralphs and Smith's. Albertsons, based in Boise, Idaho, operates roughly 2,300 stores in 34 states, including brands like Jewel Osco, Safeway and Shaw's. Together the companies employ around 700,000 people.
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