While the acquisition of Kings Super Markets by D’Agostino’s has taken longer than expected to close, executives at both D’Ag’s at Marks & Spencer (which is selling the chain for $160 million) say that they expect the deal to be completed. Soon.
When the sale was announced, it was believed it would take four to six weeks to complete it. Eight weeks have now passed, without a specific closing date having been set. “The next few weeks” is about as far as anyone will go in making a prediction, according to local press reports.
In the meantime, Gristedes Foods, which almost bough Kings until its financing fell through, seems to be waiting to see if the deal actually gets done. If it doesn’t, management says it will step in and make a bid. And if it does, Gristedes says it plans to open its own stores in New Jersey, bringing it into direct competition with Kings/D’Agostino’s.
When the sale was announced, it was believed it would take four to six weeks to complete it. Eight weeks have now passed, without a specific closing date having been set. “The next few weeks” is about as far as anyone will go in making a prediction, according to local press reports.
In the meantime, Gristedes Foods, which almost bough Kings until its financing fell through, seems to be waiting to see if the deal actually gets done. If it doesn’t, management says it will step in and make a bid. And if it does, Gristedes says it plans to open its own stores in New Jersey, bringing it into direct competition with Kings/D’Agostino’s.
- KC's View:
- D’Agostino’s is such a far superior operator to Gristedes, we hope for everyone’s sake -- especially Kings customers -- that the deal gets done.
