Cerberus Capital Management LP’s $9 billion deal to merge Safeway Inc. with Albertsons is a bet that a larger supermarket chain can better fend off an attack on the grocery business by big-box stores and online retailers.
Safeway Inc., the second-largest U.S. grocery-store chain, agreed to be bought by Cerberus Capital Management LP’s Albertsons in a deal valued at about $9.2 billion, creating a bigger competitor to Kroger Co. and big-box rivals.
McDonald’s Corp., the world’s largest restaurant chain, has begun offering pastries in some locations, part of an effort to turn around declining U.S. sales by attracting more customers in the morning.
Whole Foods Market Inc., the largest U.S. natural-goods grocer, fell the most in more than three months after posting profit that trailed estimates and lowering its full-year forecast amid increased competition.
Whole Foods Market Inc., the largest U.S. natural-goods grocer, posted fiscal first-quarter profit that trailed analysts’ estimates and lowered its forecast for the year as sales growth slowed amid increased competition.