BOISE, Idaho -- Albertson's here said it has reached agreement with Miner's Inc., Hermantown, Minn., to purchase Miner's three Super One Foods stores in Des Moines, Iowa, marking the chain's entry into that state.
., Albertson's said it is extending its tender offer for all outstanding shares of Buttrey common stock until midnight July 15. The company said approximately 7.9 million shares, or 92% of shares outstanding, have already been tendered.
Albertson's said it expects the Buttrey acquisition to be completed successfully, noting that it is in ongoing discussions with the Federal Trade Commission and anticipates resolving all outstanding issues by July 15.
Miner's operates 17 other stores in Minnesota, Wisconsin and North Dakota. The 20-store chain's estimated volume is $270 million.
Super One Foods, the name on most of Miner's stores, is a price-impact banner franchised by Fleming Cos., Oklahoma City. However, the three Super One stores that Albertson's is buying license the banner, a Fleming spokesman told SN. Albertson's said it plans to completely remodel and convert each of the three units, which average 58,000 square feet, into Albertson's Food & Drug stores, with grand reopening celebrations tentatively set for early 1999.
The company also said sales for the 13-week first quarter ended April 30 rose 6.7%, while identical-store sales declined 0.5% and comparable-store sales fell 0.3%.
