Acme Markets' parent company to be acquired

Article Abstract:

Albertson's Inc. of Boise, ID, will take over Acme Markets Inc., the leading supermarket chain in the Philadelphia, PA, area, as part of its $11.7 billion acquisition of Acme's parent company, American Stores Co. of Salt Lake City, UT. Albertson's, which would become the largest supermarket chain in the US if the deal goes through, said it would not rename the 177-store Acme chain, locally known as "The Ack-a-me." Acme has $1.96 billion in sales, giving it a 28% share of Philadelphia's food market, according to Food Trade News, a local supermarket trade magazine.

Comment:

Will hand over Acme Markets to Albertson's as part of an $11.7 billion sale to Albertson's

Asset sales & divestitures, Supermarkets and Other Grocery (except Convenience) Stores, Supermarkets, Idaho, Acme Markets Inc., Albertson's L.L.C., American Stores Co.

Job cuts, closings planned at firm

Article Abstract:

Unisource Worldwide Inc., a distributor of paper and other business supplies headquartered in Berwyn, IL, will cut 1,500 jobs nationwide and streamline approximately 40% of its warehouse sites. The move came in after the company posted a loss of $10.4 million or 15 cents a share in the fiscal third quarter. Unisource has also approved to reduce its quarterly dividend to five cents from 20 cents a share starting December 1998. The restructuring will allow the company to improve its operating and financial performance, according to Chairman and CEO Ray B. Mundt.

Comment:

Will cut 1,500 jobs nationwide and streamline approximately 40% of its warehouse sites

Strategy & planning, Paper and Paper Product Wholesalers, Paper & Products, Whsle, Paper products wholesalers, Unisource Worldwide Inc. (Norcross, Georgia)

Meridian site sold; high-rise planned

Article Abstract:

Philadelphia, Penn.-based Arden Group has acquired the high-rise office, shopping and residential complex known as the One Meridian building. The complex, which as sold for $ 13.2 million, will become a mixed-use development.

Commercial and Institutional Building Construction, Office Buildings, Nonresidential construction, not elsewhere classified, Office construction, Arden Group Inc. (Philadelphia, Pennsylvania)