Stop & Shop And King Kullen Call Off Acquisition Deal
Ahold Delhaize has announced that its US banner Stop & Shop and grocery chain King Kullen have jointly decided to terminate their merger agreement.
President of Stop & Shop, Gordon Reid, commented, “Both companies have put forth an incredible amount of effort to work through unanticipated challenges that have arisen, and we regret that we’re not able to move forward.
“King Kullen has a strong legacy [in Long Island], and we wish them continued success.”
As part of the deal, signed in December 2018, Ahold Delhaize had agreed to take over 32 King Kullen's supermarkets, five Wild By Nature stores, and corporate offices associated with the group.
Impact Of Pandemic
The decision to terminate the agreement was driven by significant and unforeseen changes in the market due to the COVID-19 pandemic, Ahold Delhaize said in its statement.
Co-president of King Kullen, Brian Cullen, added, “We look forward to continuing to focus on what we do best — serving our great customers across Long Island and supporting our hard-working store associates.
“We are enthusiastic about the future and well-positioned to serve Nassau and Suffolk Counties for many years to come. In short, we are here for the long term.”