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Friday, February 14, 2014

CORRECTED-Sobeys to sell 30 stores in Western Canada, (NYSE: SWY)

Canadian grocery chain Sobeys Inc, a unit of Empire Co Ltd, said it would sell 30 stores for about C$430 million ($391.4 million).The sale of the stores, all in western Canada, follow Sobeys' agreement with Canadian antitrust regulators related to its purchase of the Canadian assets of U.S. grocery group Safeway Inc for $5.7 billion last year.Sobeys said it would sell 15 stores to Canadian supermarket chain Overwaitea Food Group and 14 stores to Federated Co-operatives Ltd.Sobeys said it would sell one store to an undisclosed buyer.

Safeway Inc. (Safeway) is a food and drug retailer in North America. Shares of SWY traded higher by 1.53% or $0.505/share to $33.56. In the past year, the shares have traded as low as $20.00 and as high as $36.90. On average, 3440490 shares of SWY exchange hands on a given day and today's volume is recorded at 906921.