X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OAKLAND, CA-Albertson’s Inc. will shutter two East Bay stores–one in Oakland and another in Pinole–shortly after the New Year. The publicly held grocer from Boise, ID, says the “old-format stores” are “underperforming” and located near other Albertson’s stores that were recently remodeled.

A company official could not be reached Thursday for comment, but it appears “old format” is the term used for stores that do not have pharmacies. Both of the stores that are closing lack pharmacies and the nearby recently remodeled stores the company refers to all have pharmacies.

The Oakland store being shuttered is at 3250 Lakeshore Ave. and the Pinole store is located at 2750 Pinole Valley Road. The stores will close on Jan. 4.

The news comes one month after it sold its distribution facility in San Leandro and three months after it began “exploring strategic alternatives,” including a potential sale or joint venture. The company retained Goldman Sachs & Co. and The Blackstone Group LP as its financial advisors in this process. Recent news reports have speculated that Kroger may be the high bidder for the chain.

In October, Alberston’s announced $81 million in third quarter profits on revenue of $9.9 billion. In the same quarter of 2004, the company reported $117 million in profits on similar revenue.

Over the past three months, the publicly held grocer from Boise, ID has opened seven new stores, closed 18 and completed 41 remodels. The company currently operates about 2,475 stores.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.