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Delhaize to sell Bottom Dollar stores to Aldi for $15 million


Brussels, Belgium -- Delhaize Group has signed an agreement to sell its Bottom Dollar Food stores to deep-discount grocer Aldi Inc. for approximately $15 million, including the assumption of associated lease liabilities. The transaction, which involves 66 Bottom Dollar stores in the greater Philadelphia and Pittsburgh markets, is expected to result in an asset impairment and other charges for Delhaize Group of approximately $180 million.

All stores are expected to remain open under the Bottom Dollar banner until year-end. After that time, Bottom Dollar will close the stores and retire the banner's operations. The transaction is subject to customary closing conditions and is expected to be completed by the end of the first quarter 2015.

Delhaize officials said the company will no longer be involved in the discount food retail business in the United States. Going forward, the company will focus on its “core’ operations in the traditional supermarket segment.

"The divestiture of Bottom Dollar Food further simplifies our business, increases debt capacity and creates shareholder value,” said Frans Muller, president and CEO of Delhaize Group. “Today's announcement is consistent with our strategy, announced in March, of investing in and focusing on our core

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