Kroger Holding Talks to Sell Florida Assets
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CINCINNATI — Kroger Co. said it is beginning talks on the sale of its 43 Florida supermarkets operated under the Florida Choice Food & Drug name.
In announcing its intention to dispose of the markets, Kroger said it also will sell 39 Florida liquor stores and three supermarkets still under construction there.
All will continue to operate until sold. Florida Choice administrative offices in Maitland, Fla., will be closed when the sale and transfer of assets has been completed.
The company’s three Jacksonville, Fla., super warehouse stores operated under the name Welcome will continue to be open for business and are not affected by the sale.
“We regret the need to take this step,” said Kroger President Joseph Pichler. “Our Florida Choice operations have been unprofitable for some time, and our own projections indicate that too much time and additional investment would be required to make them profitable.”
Proceeds from the sale will be reinvested in other areas of business, as well as being used to repurchase an undetermined number of shares of Kroger’s common stock, said Pichler.
The stock will be repurchased from time to time on the open market, as conditions warrant, he said.
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