The parent company of the Dominick’s supermarket chain on Thursday announced plans to sell as many of the stores it can before exiting the Chicago market entirely by early 2014.
Safeway Inc. says it wants to concentrate on regions where its business is stronger and hopes to raise up to $450 million in tax benefits. It noted the Dominick’s chain of 72 stores — founded locally by the DiMatteo family nearly 100 years ago — lost $17.5 million in the third quarter of 2013.
“We anticipate that Dominick’s will be accounted for as a discontinued operation in the fourth quarter of 2013,” Safeway said in a news release.
In a conference call Thursday afternoon, Safeway President and CEO Robert Edwards said the company seeks to quickly sell all or as many of the Dominick’s stores as possible. To that end, Safeway announced it has already sold four of the Dominick’s stores to New Albertsons, Inc., which owns Jewel-Osco.
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