Union Joins Bid for Acme Markets Chain:...
From Times Staff and Wire Reports
Union Joins Bid for Acme Markets Chain: The union representing workers at the supermarket chain will probably team with a Los Angeles investment group in a bid to buy the 275-store Malvern, Pa., company, union leaders said. Wendell Young III, president of Local 1776 of the United Food & Commercial Workers, said the union would join Freeman Spogli & Co., an investment-banking firm, in its bid. Acme has stores in Pennsylvania, New Jersey, New York, Delaware, Maryland and Virginia. The chain’s estimated worth is about $1 billion. Young said the employees’ contribution would constitute a minority stake. Workers are scheduled to vote on the proposal Monday. The firm has 25,000 employees.
