Kroger is preparing to close 60 stores, about 5% of its supermarket locations, within 18 months to save money and streamline operations.
The closures were revealed in the grocery giant’s first-quarter earnings report on Friday. The move is expected to provide a “modest financial benefit” in the long term, the report states.
“Kroger is committed to reinvesting these savings back into the customer experience, and as a result, this will not impact full-year guidance,” the company said in the filing.
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The announcement comes six months after Kroger’s plans to merge with Albertsons collapsed, leading to an ongoing legal battle. Albertsons sued Kroger for allegedly breaching the merger contract, claiming its rival did not do enough to get the merger approved. Kroger filed a countersuit in March.
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