Whole Foods Market acquires seven Dominick's locations
Whole Foods Market acquires seven Dominick's locations
Whole Foods Market Inc. announced the acquisition of leases from Safeway Inc. for seven locations formerly operated as Dominick's stores. Terms of the agreement were not disclosed.
"We are incredibly excited about this opportunity to quickly and significantly expand our presence in the greater Chicago area," Michael Bashaw, Whole Foods Market Midwest regional president, said in a press release. "These locations fit well with our 19 existing stores as well as the three stores currently in development. We plan to remodel each store to reflect its community and look forward to offering fresh, natural and organic foods to a broader base of Chicago customers."
Whole Foods expects the locations to remain closed for remodeling in 2014 and reopen as new Whole Foods Market stores in 2015. The transaction is expected to be slightly dilutive to earnings per share in fiscal year 2014, primarily due to the pre-opening rent associated with these new leases. It will announce its first quarter earnings on February 12, 2014 and will offer additional information at that time.