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Safeway sells 16 Genuardi’s stores to Giant Food Stores
Pleasanton, Calif. -- Safeway Inc. is exiting the Philadelphia market. The company announced it has reached a definitive agreement to sell 16 of its Genuardi's stores in the greater Philadelphia area to Giant Food Stores, LLC, a division of Ahold USA.
The deal is valued at $106 million.
In addition, Safeway plans to close three Genuardi's stores and sell the remaining eight Genuardi's stores, which it will continue to operate while it is working with potential buyers.
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Ahold reports Q3 earnings, unveils growth strategies
AMSTERDAM — Dutch supermarket operator Royal Ahold reported sales of $9.3 billion and profits of $347.8 million in third quarter 2011, the company said.
Those figures represented a 2.5% increase in sales and a 15.2% increase in profits over third quarter 2010.