Latest news with #Cincinnati-based
Chicago Tribune
5 days ago
- Business
- Chicago Tribune
Mariano's closing three suburban grocery stores as part of broader Kroger downsizing
Six months after a failed merger with Albertsons ended the prospects of an arranged marriage with Jewel, Mariano's is closing three suburban Chicago grocery stores as part of a broader cost-cutting initiative by parent company Kroger. The stores, in Buffalo Grove, Glenview and Bloomingdale, are set to shutter in August, reducing Mariano's 44-store retail footprint by 7%, the company confirmed Tuesday. At the same time, Mariano's is remodeling a number of stores in the 15-year-old chain, whose future seemed uncertain just last year. 'We are closing stores, but we're making sure that we're reinvesting in others and in the communities we serve,' Amanda Puck, a Mariano's spokesperson, said Tuesday. In December, Albertsons terminated a planned $24.6 billion megamerger with Kroger after being sued by the Federal Trade Commission and several states over antitrust concerns in creating what would have become the largest traditional supermarket chain and the second biggest grocery retailer behind Walmart. Albertsons owns Jewel, the largest Chicago-area grocery chain, which would have created significant overlap with Mariano's stores, likely requiring divestitures of many locations. Hoping to satisfy regulators as part of the proposed merger, the combined company was planning to sell off 579 stores across the U.S., including 35 in Illinois. Instead, both chains are going it alone, with Kroger announcing its own downsizing, including three Mariano's stores. During a first quarter earnings report Friday, Kroger said it is planning to close about 60 stores across the country over the next 18 months. Cincinnati-based Kroger has more than 2,700 supermarkets operating under different banners in 35 states, including 44 Chicago-area Mariano's stores. The three Mariano's stores set to close are at Half Day Road in Buffalo Grove on Aug. 8; Gary Avenue in Bloomingdale on Aug. 15; and the Glenview West store on Capital Drive in Northbrook on Aug. 22. The nearby Mariano's store on Skokie Blvd. in Northbrook will remain open, the company said. In its quarterly report, Kroger took a $100 million impairment charge related to the 60 planned store closings, and said it would reinvest the savings, which it termed a 'modest financial benefit,' back into the customer experience. The remaining Northbrook Mariano's location, for example, is celebrating a 'grand reopening' in June after refreshing the store with department expansions and upgrades, including the addition of a Stan's Donuts cafe. A similar reopening is scheduled for a remodeled Glenview store, as well as one in Evergreen Park, Puck said. The Mariano's store in Chicago's Bucktown neighborhood was remodeled in January Kroger said it would offer roles in other stores to all employees displaced by the closings. Mariano's was launched in 2010 by former Dominick's executive Bob Mariano. The chain grew quickly in the wake of the 2013 demise of Dominick's, a venerable Chicago grocer, which was shuttered by its parent company, Safeway. In 2015, supermarket giant Kroger bought Mariano's parent company, Milwaukee-based Roundy's, for $800 million. The proposed merger between Albertsons – parent company of Jewel – and Kroger, first announced in 2022, would have created significant synergy and disruption in the Chicago market, bringing together one of the oldest Chicago grocery chains and its primary challenger during the new millennium. Founded in 1899 as Jewel Tea, a horse-drawn delivery service selling tea and coffee, Jewel evolved into the largest Chicago-area grocery chain, with 188 stores. In 2013, Jewel was sold to Cerberus Capital Management as part of a $3.3 billion acquisition that also included the now publicly traded Albertsons grocery chain. The merged company was planning to close or sell off a significant number of overlapping stores in the Chicago area to pass muster with regulators, but facing backlash from state and regulators, that never came to fruition after Albertsons pulled the plug on the deal in December, leaving Jewel and Mariano's as separate brands and unrelated local rivals. rchannick@
Boston Globe
5 days ago
- Business
- Boston Globe
We are having a candy moment
Customers make their selections at Lil Sweet Treat on Newbury Street. Jonathan Wiggs/Globe Staff Get Winter Soup Club A six-week series featuring soup recipes and cozy vibes, plus side dishes and toppings, to get us all through the winter. Enter Email Sign Up The shops are a child's wildest dream, but they are here for the adults. 'What we're trying to capture is that feeling of feeling like a kid in a candy store,' says Ross, who calls her customers 'candy connoisseurs' and emphasizes the concept of community. 'How do you create those moments of magic and joy, in even the smallest parts of your day? Everyone needs a little joy right now, and candy has that. It knows no bounds. Regardless of age, culture, gender, ethnicity, everyone can appreciate a sweet treat.' Advertisement On Clarendon Street in the South End, Madeleine's Candy Shop specializes in Swedish candy and more. It opened in February. Devra First Especially right now. Lil Sweet Treat arrives on the heels of 'I've always had a major sweet tooth, and the Swedish candy craze was taking off in New York. I'd be Googling, walking around trying to find it,' says founder Madeleine Brason, who left a career in clinical research for candy. 'I identified a gap in the market for candy stores, and also in a selfish way, I wanted a lifetime supply of unlimited candy for myself.' Another pick-and-mix-style candy store, If it seems candy sales must be exploding, that isn't the case exactly. Dollar sales are up (2.5 percent for chocolate and 3.6 for non-chocolate), but unit sales are down (2 and .9 percent respectively), according to Chicago-based market research firm Circana. Cocoa prices continue to rise, and budgets continue to tighten. Consumers are shifting purchasing patterns, perhaps buying less candy or different candy. But there is still candy in almost every household in America. 'We have not seen households back away from treating,' says Sally Lyons Wyatt, global EVP and chief adviser for Circana. 'Candy is one of those categories that everybody loves. It is something that brings joy, it is something essential to social occasions, and that I don't think is ever going to waver.' Advertisement Happy Buttons are one of Lil Sweet Treat's own offerings, bouncy and chewy smiley faces in strawberry, raspberry, pear, and pineapple. Jonathan Wiggs/Globe Staff In this landscape, one category keeps doing well: gummy candy. Consumers (particularly younger ones) cannot resist the lure of brightly colored, chewy, sweet, and tart gummies in a glorious riot of shapes and textures. 'The only categories growing in interest from younger consumers are all chewy: chewy candy, beef jerky, gum,' says Hunter Thurman, founder of Cincinnati-based consulting firm Alpha-Diver, which focuses on why consumers do the things they do. 'Chewing actually has some real proven stress relief ability.' In case you haven't noticed, the last few years have been a lot. 'We have measured it, and we have seen over the last five to six years people are feeling more and more anxious and stressed. The upshot is more people are looking to make themselves feel better,' Thurman says. 'From an evolutionary psychology perspective, food and drink are right at the core of how we help ourselves feel better. There's a reason there's a phrase called comfort food.' The scene inside Boston's Lil Sweet Treat on a recent Thursday afternoon. Jonathan Wiggs/Globe Staff Perhaps we are candy freaks because we are control freaks. 'If you ask a psychologist what do human beings crave above all else, there's one answer: control,' Thurman says. 'Something like candy is very easy to control. I can't control what's happening in Iran or the economy, but I can control something that makes me feel better in the near term.' Banana-caramel Bubs? Don't mind if I do. It's emotional self-regulation. Advertisement Stores like Lil Sweet Treat, Madeleine's Candy Shop, and Nantasket Sweets are tapping into this: Safe spaces, Thurman calls them. They also offer an experience, one more affordable than tickets to a game or a concert, or a new outfit, or dinner out. (Although these candies aren't cheap, priced at around $20 per pound, it's all relative.) In a recent Circana snacking survey, 59 percent of consumers said they like to eat snacks that add excitement to their daily diet, and 58 percent are looking for authentic and/or unique experiences, says Lyons Wyatt. Eric Williams makes pick-and-mix selections at Lil Sweet Treat. Jonathan Wiggs/Globe Staff 'Those stores are the answer to this,' she says. 'They are really feeding into the experience, the excitement. Let's face it, it's been pretty heavy stuff the last few years. These stores are just a breath of fresh of air.' That's the idea. This summer, Madeleine's Candy Shop will open an adjacent ice cream window, serving creemees, Vermont's take on soft-serve. (Yes, you can add candy to your ice cream.) 'I think in a post-pandemic world we're really just looking to feel like kids again and have that nostalgia and be playful,' says Brason, who offers chopsticks with each bag of candy, to aid customers in their nibbling. 'With a candy store like this, the options are limitless. We can have a lot of fun.' Sour hitschies from Belgium at Lil Sweet Treat. Jonathan Wiggs/Globe Staff Devra First can be reached at
Yahoo
5 days ago
- Business
- Yahoo
Kroger is closing 60 stores: See the list of locations that are reportedly shuttering in 2025 so far
Kroger is joining the list of retailers that plan to scale back on brick-and-mortar locations this year. Kroger is closing 60 stores: See the list of locations that are reportedly shuttering in 2025 so far Housing market map: Zillow just released its updated home price forecast for 400-plus housing markets What's behind the rise in interim CEOs The grocery giant said in its first-quarter earnings report on Friday that it will shutter roughly 60 stores over the next 18 months, a move that it expects will provide a 'modest financial benefit.' Kroger said the store closures will not impact its guidance for 2025, during which it expects operating profit of between $4.7 billion and $4.9 billion. The move to close stores comes almost six months after Kroger's proposed takeover of rival grocery chain Albertsons failed to pass muster with regulators. The $25 billion merger was abandoned, but it was a messy breakup, with both companies ultimately suing each other in attempts to claw back damages. Kroger's newly announced closures are likely to attract further criticism of the company in some impacted communities. Although the retailer says that all employees affected by the closings will be offered roles at other locations, many cities are already struggling with so-called food deserts, and the loss of even a single grocery store can sometimes create additional hardships for residents. (Kroger customers in Abington, Virginia, where one store will reportedly close, have already launched a petition on to protest the decision, calling it a 'significant blow to the community.') Kroger has not provided a list of stores that will be impacted. However, local media outlets have reported on a number of locations that have recently closed or will close in the coming months, with some citing local unions or elected officials: Location is closing in June (Houston Chronicle) Sterling Ridge location reported closed in May (Community Impact) University Drive location is closing (WFAA) Location reportedly closing in September (WFHG) Location is closing in August (WCHS) Location reportedly closing in September. (WFHG) The location on Sterling Avenue is closing in August (25News) The Douglas Road location is closing in August (Atlanta First News) The Morosgo Way location is closing in July (AFN) The Buford Highway location is closing in October (AFN) Memorial Drive location is closing in September (AFN) The location on South Third Street is closing in June (Courier Journal) It's unclear how many of the above locations are part of the 60 locations included in Kroger's earnings disclosure on Friday. Fast Company reached out to Kroger to ask for additional information on which 60 locations will be impacted, including a timeline for when the stores are expected to close. We will update this story if we hear back. Kroger stock (NYSE: KR) rose almost 10% on Friday following its earnings report. Cincinnati-based Kroger operates 1,239 grocery stores in 16 states, according to its store locator. It owns a number of well-known regional chains, including Ralphs, QFC, Fred Meyer, and Food 4 Less. The United Food & Commercial Workers Union, which represents Kroger workers at many stores, did not immediately respond to a request for comment. This story is developing and may be updated. This post originally appeared at to get the Fast Company newsletter: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
Ohio's First Financial to acquire Westfield Bancorp in $325M deal
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Cincinnati-based First Financial Bancorp has agreed to buy Westfield Bancorp, based roughly 40 miles southwest of Cleveland, in a $325 million deal that would boost the acquirer's footprint in Northeast Ohio, the lenders announced Monday. The transaction, set to close in the fourth quarter, would add roughly $2.2 billion to First Financial's asset total – as well as at least seven locations, adding a retail facet to the Cincinnati lender's commercial banking and wealth management business in the opposite corner of the Buckeye State. Under the deal, First Financial would pay $260 million in cash, and Westfield investors would get roughly 2.75 million shares of the Cincinnati bank, valued at about $65 million based on the 10-day volume weighted average price of First Financial from Friday. The Westfield deal would push First Financial past the $20 billion-asset threshold. First Financial counted $18.5 billion in assets, $11.7 billion in loans, $14.2 billion in deposits and $2.5 billion in shareholders' equity as of March 31. First Financial CEO Archie Brown touted Westfield's commercial banking and specialty lending businesses, saying they 'build upon our existing strengths.' 'This targeted expansion of our commercial, consumer, and specialty banking businesses broadens our ability to serve additional clients, and it opens up new avenues for growth and profitability in an attractive geographical area,' Brown said. 'Both teams share a community-first approach, while emphasizing a positive workplace culture, which is an excellent foundation for us as we expand our banking solutions to serve more communities.' Westfield is a subsidiary of Ohio Farmers Insurance Co. Ed Largent, Westfield's CEO and board chair, said the decision to sell 'is aligned with our strategic focus on our portfolio of property and casualty insurance businesses.' "We're proud of what Westfield Bank has accomplished, and with First Financial's strategic priorities centered on banking, Westfield Bank is well positioned for continued growth and success," Largent said. The transaction is expected to be 12% accretive to First Financial's earnings, said the bank, which is set to recoup its tangible book value in less than three years. All of Westfield's retail locations will remain open after the deal closes, First Financial said. First Financial's pre-acquisition network spans 127 locations in Ohio, Indiana, Kentucky and Illinois. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
5 days ago
- Business
Kroger will close 60 stores in the next 18 months
Grocery giant Kroger is planning on closing 60 stores within the next 18 months, according to its 2025 first quarter earnings report. "As a result of these store closures, Kroger expects a modest financial benefit," the Cincinnati-based grocery company said in the report, released June 20. "Kroger is committed to reinvesting these savings back into the customer experience, and as a result, this will not impact full-year guidance. Kroger will offer roles in other stores to all associates currently employed at affected stores." Pharmacies, grocery stores experiencing shortages after cyber attack When reached by "Good Morning America," a representative for Kroger said the company now operates over 2,700 grocery stores across 35 states, under their Kroger brand and their 19 other brands such as Food 4 Less, Fred Meyer and King Soopers. Kroger also said it would not be releasing a list of stores that are set to shut down at this time but said the closures will impact stores under the Kroger and other brands.
