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Kroger to sell convenience stores to UK's EG Group for $2.15 billion [Reuters (UK)]

KROGER (KR)  More Company Research Source: Reuters
Last kroger earnings: 6/21 07:30 am Check Earnings Report
US:NYSE Investor Relations: ir.kroger.com
PDF Kroger to sell convenience stores to UK's EG Group for $2.15 billion | Reuters Reuters Staff 2 Min Read (Reuters) - Kroger Co ( KR.N ) will sell its nearly 800 convenience stores to British gas station operator EG Group for $2.15 billion (£1.5 billion), the U.S. supermarket chain said on Monday, as its sharpens focus on its mainstay grocery business amid a brutal price war. Kroger said it plans to use proceeds from the sale to buy back shares and lower debt. The sale is part of Cincinnati-based Kroger’s “Re-stock” plan that aims to revamp its nearly 2,800 brick-and-mortar supermarkets, cut prices and boost in-store technology. Kroger is also investing in online channels amid stiff competition from chief rival Walmart ( WMT.N ), discounters Lidl and Aldi, and Whole Foods, which is owned by Amazon.com Inc ( AMZN.O ). Kroger’s convenience stores business that includes Turkey Hill, Loaf ‘N Jug, Kwik Shop and Tom Thumb, had annual revenue of $4 billion. Its supermarket fuel centers a [Read more]

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