Albertsons to acquire United Family stores in buyout; CEO says United stores, employees to remain [Lubbock Avalanche-Journal, Texas]
(Lubbock Avalanche-Journal (TX) Via Acquire Media NewsEdge) Sept. 09--Nationwide supermarket conglomerate Albertsons has purchased United Family in a still-pending deal management says should go with little notice by United customers across north Texas.
The deal for Boise, Idaho-based Albertsons LLC. to purchase United Family with its 50-plus stores, gas stations, logistical base and other assets was signed early Monday, Sept. 9, but still requires the blessing of the Federal Trade Commission, United management told A-J Media announcing the planned acquisition.
Albertson's will buy out United's private family ownership for an undisclosed sum, but the deal is set to leave in tact the chain of stores founded in Lubbock 97 years ago.
"Lubbock is stuck with United," said United Family CEO Robert Taylor, who will become United's president as the regional supermarket chain is set to become a division of Albertsons.
In an interview with A-J Media on Sunday, Taylor and United Family Co-President Matt Bumstead said they planned to visit with management from United's stores across the region as part of a four-city tour breaking the news.
"We are going to remain a totally self-contained division and unit of Albertsons and the only person that reports to anybody at Albertsons will be myself," said Taylor. "We'll be the only divisions that's totally reliant and all of our support is self-contained with the addition of distribution, manufacturing, with Praters, so it gives us great opportunities in those areas."
Co-presidents Matt and Gantt Bumstead, along with other members of United's founding family, will no longer serve on the company's board.
United Family stores' transfer to Albertsons ownership should be "transparent" to United customers, Taylor said.
"They'll go into that store a month from now, a week from now, they won't see," he said. "We'll maybe have an option to have a larger variety of items and maybe some different items because all of a sudden we'll be able to amass the buying power of Albertsons with more than 1,000 stores."
Taylor said United Family will not lay off employees due to the acquisition, adding the United division will maintain its support staff, information technology and payroll personnel. Albertsons currently outsources those parts of its business, he said.
"Our team members will enjoy the same job they have, report to the same people, they'll have the same benefit package," Taylor said. "Nothing will be interrupted -- Same compensation."
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