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Thursday, February 13, 2014

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 - all but one to Overwaitea Food Group - 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 one store to Federated Co-operatives Ltd.The sales have been approved by the Canadian Competition Bureau. ()

Safeway Inc. (Safeway) is a food and drug retailer in North America. Shares of SWY traded higher by 1.04% or $0.34/share to $33.06. In the past year, the shares have traded as low as $20.00 and as high as $36.90. On average, 3451460 shares of SWY exchange hands on a given day and today's volume is recorded at 2845546.