P.M. BRIEFING : American May Sell Acme Chain
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SALT LAKE CITY — American Stores Co., the nation’s largest grocery and drugstore retailer, said today it is exploring the sale of its Acme Markets Inc. unit, which operates 275 supermarkets in the Northeast and had sales of $3.3 billion last year.
The company said proceeds from a sale would be used to reduce debt and for investment in technology, remodeling and new store programs in its remaining markets.
American Stores had total debt of $3.4 billion at the end of its second quarter, a spokesman said. A large part of the debt was incurred in the $2.5-billion takeover of California’s Lucky Stores chain in June, 1988, and for real estate purchases.
American Stores operates a total of 1,895 food and drug stores in 38 states. Its subsidiaries include Jewel Food Stores, Skaggs Alpha Beta, Osco and Save-on drugstores and the Alpha Beta and Lucky Stores grocery chains.
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