Stop & Shop Announces Southern New Jersey Store Closings
July 6, 2007, Quincy, MA - The Stop & Shop Supermarket Company today announced plans
to close nine underperforming stores in southern New Jersey. The Company will close the
following stores at the beginning of August 2007:
- 400 East Evesham Road, Cherry Hill, NJ
- 1445 Brace Road, Cherry Hill, NJ
- 127 Ark Road, Mt. Laurel, NJ
- 401 South Pitney Road, Absecon, NJ
- 542 Berlin-Cross Keys Road, Sicklerville, NJ
- 892 Union Mill Road, Mt. Laurel, NJ
- 1200 Chews Landing Road, Laurel Springs, NJ
- 3401 Route 9 South, Rio Grande, NJ
- 143 Bridgeton Pike, Mullica Hill, NJ
"After a thorough review of the operating performance of these stores, we made a very
difficult business decision to close these underperforming locations," said Senior Vice
President of Operations Ron Onorato. "However, the closure of these stores will allow us
to focus our investment and resources on growing our business in other areas in the
Northeast."
Stop & Shop has developed job transition initiatives and will be working with a job
outplacement firm, the United Food and Commercial Workers (UFCW) local unions and state
and local government officials to assist store associates who are impacted by these store
closings.
"We appreciate the dedication of our associates, and we will work to support them through
this transition by providing outplacement services, including resume preparation and
interview skills training and other career transition services," Onorato said.
Stop & Shop also announced it has entered into an agreement to sell the store
fixtures and assets for these locations to Wakefern Food Corp. after the stores close in
August. Wakefern Food Corp. is headquartered in Elizabeth, NJ, and operates ShopRite
stores.
Information specific to Stop & Shop customers will be conveyed at each location, as
it becomes available. Customers with questions can call Stop & Shop's Consumer
Affairs Department at 1-800-767-7772, Monday though Friday, from 8:30 a.m. - 5 p.m.
About Stop & Shop
The Stop & Shop Supermarket Company, based in Quincy, Massachusetts, employs more
than 59,000 associates and operates 389 stores throughout Massachusetts, Rhode Island,
Connecticut, New Hampshire, Maine, New York and New Jersey. For more on Stop & Shop,
visit www.stopandshop.com.
Certain statements in this press release are "forward-looking statements" within the
meaning of U.S. federal securities laws. These forward-looking statements include, but
are not limited to, statements regarding the strategic operating plans of management of
Stop & Shop and the expected impact thereof on store operations, employees, customers
and service, including its intention with respect to Stop & Shop to (1) close certain
stores, (2) provide staff assistant initiatives and work with a job outplacement firm,
United Food and Commercial Workers (UFCW) local union and state and local government
officials, in order to assist store associates who are impacted by the closing stores and
(3) sell certain store fixtures and assets to Wakefern Food Corp., and the expected
timing of each of the foregoing. These forward-looking statements are subject to risks,
uncertainties and other factors that could cause actual results to differ materially from
future results expressed or implied by the forward-looking statements. Important factors
that could cause actual results to differ materially from the information set forth in
these forward-looking statements include, but are not limited to, the ability of Stop
& Shop management to implement and complete successfully its strategic plans or
delays or additional costs encountered in connection with their implementation, the
effect of general economic conditions and competition, increases in or changes in
competition in the markets in which Stop & Shop operates, the actions of competitors,
the inability to address, or delays in addressing, legal obstacles or closing conditions
to the consummation of any store closings or asset sales, actions of courts, law
enforcement agencies, government agencies, unions and other third parties, and other
factors some of which are discussed in the public filings of Stop & Shop's parent
company, Koninklijke Ahold N.V. Many of these factors are beyond Stop & Shop's
ability to control or predict. Given these uncertainties, readers are cautioned not to
place undue reliance on the forward-looking statements, which only speak as of the date
of this press release. Stop & Shop does not undertake any obligation to release
publicly any revisions to these forward-looking statements to reflect events or
circumstances after the date of this press release or to reflect the occurrence of
unanticipated events or circumstances, except as may be required under applicable
securities laws.
|
