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Report: Cumberland Farms sells 27 stores
Framingham, Mass. – Cumberland Farms is reportedly selling 27 stores in New Jersey, Delaware, and Pennsylvania, to Petroleum Marketing Group, based in Woodbridge, Va. According to the Boston Globe, the stores will continue to operate as convenience stores and all roughly 600 affected employees are expected to keep their jobs.
Cumberland Farms will focus on its nearly 600 remaining stores in New England, New York, and Florida. Both companies are private and terms were not disclosed. -
Report: Cerberus to buy Safeway
New York -- Private-equity firm Cerberus Capital Management has reached a preliminary agreement to buy Safeway Inc. for over $9 million, the Wall Street Journal reported. The deal is subject to board approval.
As part of the deal, Cerberus would pay roughly $40 a share for Safeway.
The Kroger Co., which recently completed its acquisition of Harris Teeter, reportedly was also interested in making a bid for Safeway. Even if a deal is announced between Cerberus and Safeway, Kroger could still mount a bid.