Ahold sells Stop & Shop to Wakefern

Stop & Shop, the US chain owned and operated by Ahold, will sell 10 of its stores to Wakefern Food Corp. because of their poor financial performance. Wakefern plans to reopen the stores under the ShopRite banner as early as September 2007, according to Karen Meleta, Wakefern's spokeswoman. The 10 stores in questions are located in New Jersey and New York

"The acquisition of the stores in South Jersey represents an unprecedented growth opportunity for Wakefern and its members," said Wakefern chairman and CEO Joseph Colalillo. "The market area has been very supportive of ShopRite over the years, and this addition further underscores the Wakefern members' dedication and commitment to customers and communities in the South Jersey market area."

According to Wakefern, the acquisition is expected to close by Aug. 15. Wakefern, the largest retailer-owned coop in the US, is made up of 38 members who individually own and operate supermarkets under the ShopRite banner.