The debt-ridden owners of Malvern-based Acme are hoping that the huge boost in sales during the coronavirus pandemic will help them sell 2,000 supermarkets, writes Joseph DiStefano for The Philadelphia Inquirer.
Private-equity and real-estate investors who control Acme parent Albertsons have tried several times to sell their shares in the stock market but each attempt has so far failed.
But now that the lockdown forced more shoppers into grocery stores, the chain’s numbers look much more attractive.
The latest data shows that for the combined months of March and April, sales at Albertsons stores were boosted by 34 percent compared to the same period last year. To help handle these extra sales, the company has had to hire 55,000 new workers and increase pay for its “front-line associates” by $2.
Profits are also up, which has helped the company lower its enormous $8 billion debt to $6.4 billion.
“We believe that our competitive position will continue to strengthen as a result of customer receptiveness to our response to the challenges of the coronavirus pandemic and the strength of our supply chain,” said the company.
Read more about Acme in The Philadelphia Inquirer here.