Giant Eagle officially was bought by Krogers for $1.65 billion dollars. I knew back then 10-15 years ago and I had tried warning folks. I think I made a post about it on here back then and was accused of making it up and one person even said it looks like a toddler posted it. When I began seeing Giant Eagle doing a lot of cuts and penny pinching trying to make their books look good, I knew then they were either going out of business or trying to get bought out. Then there was a lot of turnover at their corporate offices and it seemed like corporate didn’t care what went on at their stores anymore too. I knew something was going on.
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@a1 At least it’s not the size of a shrimp, lol!
@b5 Not only that, they took away that thing where you could drop your kids off while you shop, took out the video rental thing and the banks, then they bought Value King and then shuttered it 6 months later. Then they wouldn’t update their POS terminals or take care of the store in general. They were closing a lot of stores too. They even got rid of security too.
It's been talked about for as long as I can remember. Different financial circumstances across the last 30 years would bring the conversation to the forefront, but the spitting of GetGo operations and eventual sale was the first step in the family cashing out. This is the final step.
Geographically Kroger has always been the most logical buyer - and they finally get back in the market after exiting in the mid-80s. I also worked in IT for quite a while - hoping my remaining friends at corporate find a path out.
$1.65B is almost a fire-sale price frankly and at the low end of probable valuation.
Your jobs were being outsourced to the capability center regardless
https://www.cbsnews.com/pittsburgh/news/kroger-buying-giant-eagle/
It says Giant Eagle will still exist as a division of Kroger
Was only a matter of time. Like many other industries, regional store chains just can't compete against the mega chains indefinitely. The megas can absorb losses to drive the regionals out of business then raise prices when the regional is badly wounded or after they're gone. Grocery is an especially difficult market because the margins are so so thin. Selling off pieces of themselves (GetGo) is an obvious tell.
BTW, I worked for GE in IT in RIDC for five years in the early 2010's and still have friends who (hopefully will still) work there.
Of the four main brands in the area (Walmart, Shop n Save, Aldi and GE), GE is always my last choice because they just aren't competitive on price to buy a complete shopping list of items. I'll stop there for specific sale items but never a full carts worth.
You must have an enormous schvanzstucker.