ACME HAS BEEN SOLD!
Details at Reuters.com.
So much for my prediction that
Acme and Shaw's wouldn't get sold to Cerberus.
Albertson's, Jewel and Star Markets also sold.
Albertson's, Jewel and Star Markets also sold.
Let's hope Acme has a chance now that it's
free of SuperValu's death grip!
Additional articles:
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"Will buyers keep, sell or shut your Acme?"
Supervalu to sell Albertsons, Acme,
Shaw's, Sav-on, other chains
Transcript.com has an article chock full of details on the sale and speculation on what the future holds for the purchased chains.
In the article supermarket consultant David Livingston, has this to say... "Cerberus will most likely do what they did six years ago with Albertsons – sell, close, sell, close. They are not in this because they have a passion for running grocery stores. You don't buy failing grocery stores because you want to be in the grocery business." Ouch!
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"Acme store closings predicited
in light of Cerberus-SuperValu deal"
Painful article at bizjournals.com
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Milltown store is great, freindly staff and they always have what I need. Coffee shop is a excellent addition. Hopefully they will stay!
ReplyDeleteCan anyone provide any insight as to how Cerberus has been doing with the Albertson's store they have owned for the past six years? I think that may be a good barometer for the way they intend to treat Acme and the rest of the chains they have acquired from SuperValu.
ReplyDeleteAcme has been ailing for some time now, losing share to Walmart, Giant Carlisle and ShopRite. I will be interested to see if Cerberus puts any money into the chain, and if they put forth any effort to make Acme competitive again.
Or, if they will turn around and resell the chains to someone else. There were always the rumors that Kroger was looking at Acme, and there wouldn't be any overlap, as they only own the Turkey Hill c-store chain in this area.
Cerberus is widely expected to CLOSE, CLOSE, CLOSE stores.. Such as they did with Albertsons. Acme would have been 1,000 times better if Kroger would have bought them!
ReplyDeleteWhat will happen to beach haven? will construction proceed as planned or will the new store have new decor ( new as in not yet seen on this blog).
ReplyDeleteHi, They took mover the part of Alberstsons that lost a ton of money and turned it around, by puting grocery people in chrge of the stores. Yes they closed stores but theyt also opened and purchased new stores. Acme will come out of thius just fine.
ReplyDeleteHope you're right!
DeleteThe Cerberus-run Albertson's stores, or Albertson's Market, in Florida are (were) just plain sad. They just became dirtier and dirtier. Florida is overrun by Publix and Cerberus didn't even try. There are only 4 Albertson's left in Florida and one just happens to be a few miles from my father's house. I was there last week. Even the employees don't know why they're still open! I used to go in there to get an annual Albertson's fix but it's just pointless now. I want Acme to succeed but this sounds like a death knell. This purchase is about real estate not about trying to turn around once-proud middle market grocers.
ReplyDeleteYes, because one of the major investors is a real estate company.Acme needs someone to buy them and be willing to sink money into the company to turn it around.Cerberus is not the answer. I wish someone like The Great Atlantic and Pacific Tea Corporation would have picked up Acme.
ReplyDeleteCerberus got around 600 Albertsons 6 years ago, and only 200 of those stores remain.
ReplyDeleteI was going to sagree with the ab0ve posters. Albertsons in the Florida were divided off to the highest bidder. There was no attempt to save the chain. We thought kroger was going to come in and buy the remaining locations and that didnt happen. I hate to say this but unless kroger buys the chain quickly Acme is in trouble. Albertsons sold their dc space and wtih four stores left in FL its only a matter of time
ReplyDeleteAlbertson stores in Florida were unsaveable because Albertson's prices were the highest prices in Florida, even outpricing organic+vegan stores, and because many of the Albertson locations were in slummy rundown low-income corridors dominated by minority demographics complete with a nearby Wal-Mart and nearby ethnic food grocers.
DeleteAt this point I think it's too early to guess what Cerberus will do. There's an old saying: "Only time will tell".
ReplyDeleteI'm not entirely sure Cerberus made this purchase with the intent to close a bunch of stores. They want to make money. If that means getting rid of stores that lose money, I'm assuming that's better than keeping them and continuing to lose money. Time will tell, indeed.
ReplyDeleteOnly Cerberus knows whether they bought the chains as viable ongoing operations or just to piece the real estate off little by little.
DeleteThis is like seeing a car in the parking lot of a chop shop and wondering what will be its fate. Hope I am wrong.
ReplyDeleteAcme has alot of customer loyalty and a good number of busy stores still and that's in its favor.
Let me say it's the people in one's local store that make Acme great. They are friendly and work hard. My thoughts are with them and thier families now in this time of uncertainty...which many are facing.
http://www.nj.com/gloucester-county/index.ssf/2013/01/mantua_acme_supermarket_to_clo.html
ReplyDelete