Kroger CEO Rodney McMullen and Albertsons CEO Vivek Sankaran pledged to lower prices, pay employees’ retirement pension funds, respect their union contracts and not to lay off frontline associates if their proposed grocery merger prevails.
for the first quarter of 2023 included $45.2 billion for total company sales – a jump from $44.6 billion for the same time last year.
“Mergers are not always for the good of the people,” President Kim Cordova said. “It’s for the good of shareholders and corporate executives.” They’ll divest stores in areas where there’s an overlap between Kroger and Albertsons locations, but “most people will assume the overlap is a lot more than it is,” McMullen said.
Cordova pointed to multiple reports that the number of potential stores to be divested is “now somewhere up over 700.” The deal could also impact the union’s “ability to bargain because we’ll have one unionized employer in the state” in the grocery industry, Cordova added., which more than 100 state and national organizations formed in March to oppose the deal. The coalition urges the public to push the FTC to halt the merger, arguing that it reduces competition, limits the market for farmers and more.
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