Stop & Shop and King Kullen Terminate Merger Agreement
QUINCY, Mass. and BETHPAGE, N.Y., June 10, 2020 (GLOBE NEWSWIRE) — Stop & Shop and King Kullen announced today that they have terminated their Merger Agreement through which Stop & Shop was to acquire King Kullen. A joint decision was made not to proceed with the acquisition because of significant, unforeseen changes in the marketplace that have emerged since the agreement was signed in December 2018, largely driven by the COVID-19 pandemic.
“Both companies have put forth an incredible amount of effort to work through unanticipated challenges that have arisen, and we regret that we’re not able to move forward. King Kullen has a strong legacy on the island, and we wish them continued success,” said Gordon Reid, President of Stop & Shop. “Stop & Shop remains committed to the Long Island community, to serving our customers in the market well, and to investing in our associates and our stores in Nassau and Suffolk Counties.”Brian Cullen, Co-President of King Kullen, stated, “We look forward to continuing to focus on what we do best — serving our great customers across Long Island and supporting our hard-working store associates. We are enthusiastic about the future and well-positioned to serve Nassau and Suffolk Counties for many years to come. In short, we are here for the long term.”About Stop & ShopA neighborhood grocer for more than 100 years, today’s Stop & Shop is refreshed, reenergized and inspired, delivering new conveniences for customers. Committed to helping its communities enjoy better food and better lives, Stop & Shop has a longstanding history of giving back to the neighborhoods it serves with a focus on fighting hunger and pediatric cancer research and care. The Stop & Shop Supermarket Company LLC is an Ahold Delhaize USA Company and employs nearly 60,000 associates and operates over 400 stores throughout Massachusetts, Connecticut, Rhode Island, New York and New Jersey. To learn more about Stop & Shop, visit stopandshop.com. About King KullenHeadquartered in Bethpage, New York, King Kullen is recognized by the Smithsonian Institution as America’s first supermarket. Founded in 1930 by Michael J. Cullen, King Kullen is a family-owned and unionized business operating 29 supermarkets and five Wild by Nature stores on Long Island. Throughout its history, King Kullen has been deeply involved and active in the Long Island community, supporting or sponsoring countless charitable and philanthropic causes. More information on King Kullen is available by visiting www.KingKullen.com.
“Both companies have put forth an incredible amount of effort to work through unanticipated challenges that have arisen, and we regret that we’re not able to move forward. King Kullen has a strong legacy on the island, and we wish them continued success,” said Gordon Reid, President of Stop & Shop. “Stop & Shop remains committed to the Long Island community, to serving our customers in the market well, and to investing in our associates and our stores in Nassau and Suffolk Counties.”Brian Cullen, Co-President of King Kullen, stated, “We look forward to continuing to focus on what we do best — serving our great customers across Long Island and supporting our hard-working store associates. We are enthusiastic about the future and well-positioned to serve Nassau and Suffolk Counties for many years to come. In short, we are here for the long term.”About Stop & ShopA neighborhood grocer for more than 100 years, today’s Stop & Shop is refreshed, reenergized and inspired, delivering new conveniences for customers. Committed to helping its communities enjoy better food and better lives, Stop & Shop has a longstanding history of giving back to the neighborhoods it serves with a focus on fighting hunger and pediatric cancer research and care. The Stop & Shop Supermarket Company LLC is an Ahold Delhaize USA Company and employs nearly 60,000 associates and operates over 400 stores throughout Massachusetts, Connecticut, Rhode Island, New York and New Jersey. To learn more about Stop & Shop, visit stopandshop.com. About King KullenHeadquartered in Bethpage, New York, King Kullen is recognized by the Smithsonian Institution as America’s first supermarket. Founded in 1930 by Michael J. Cullen, King Kullen is a family-owned and unionized business operating 29 supermarkets and five Wild by Nature stores on Long Island. Throughout its history, King Kullen has been deeply involved and active in the Long Island community, supporting or sponsoring countless charitable and philanthropic causes. More information on King Kullen is available by visiting www.KingKullen.com.
