Kroger has announced plans to shut down 60 stores—about 5% of its U.S. footprint, over the next 18 months in the wake of its failed merger with Albertson.
00:00Kroger has announced plans to shut down roughly 60 stores, about 5% of its U.S. footprint, over the next year and a half in the wake of its failed merger with Albertsons.
00:10The company will take a $100 million impairment charge related to the closures, but expects a modest financial benefit in the long run.
00:18The company also raised its sales outlook, citing increased at-home dining, stronger private label performance, and the launch of new protein-rich products.
00:27Interim CEO Ron Sargent said some stores were underperforming, a challenge missed during merger talks, and that savings from the closures will go towards enhancing the overall customer experience.
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