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FTC approves Giant acquisition of 15 Genuardi's stores in Philadelphia |
06.29.2012
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The Federal Trade Commission has approved the proposed acquisition of fifteen supermarkets by Giant Food Stores from Genuardi's Family Markets, a subsidiary of Safeway Inc. in the greater Philadelphia area. The purchase agreement was announced early this year.
Under the terms of a consent order approved by the FTC, the Genuardi's in Newtown, Pennsylvania must be sold to an unrelated third party. This store will be purchased by Newtown Market, LLC and will be operated as a McCaffrey's supermarket.
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Giant has offered employment to 1,700 former Genuardi's store associates, and announced that it will hire approximately 900 additional part-time associates. The new positions increase Giant Foods' Pennsylvania workforce by ten percent. The company is already the third-largest private sector employer in Pennsylvania,.
Giant is working with Safeway to begin the store transition process. Dates for each store conversion will be announced shortly.
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