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Stop & Shop to Buy 5 N.J. Foodtowns
POINT PLEASANT, N.J. — Stop & Shop has a tentative deal in place to purchase five Foodtown stores on the New Jersey shore operated by Norkus Enterprises here, the companies said.
1 Min Read
JON SPRINGER
POINT PLEASANT, N.J. — Stop & Shop has a tentative deal in place to purchase five Foodtown stores on the New Jersey shore operated by Norkus Enterprises here, the companies said.
The deal, which officials said could be completed in May, is for Foodtown and Super Foodtown stores in Freehold Township, Manalapan, Neptune City, Point Pleasant Beach and Long Branch, according to Mark Norkus, vice president of Norkus Enterprises. A purchase price was not disclosed, and other details “were still being worked out,” Norkus said.
Stop & Shop in a statement acknowledged the tentative agreement but said it would not make a formal statement until the deal is finalized.
Stop & Shop was expected to rehire Foodtown’s union employees at similar terms, according to a report in the Asbury Park Press newspaper.
Foodtown is a cooperative of independent owners based in Avenel, N.J. The sale if completed would leave Norkus with just one Foodtown store, in Freehold, N.J. The company also operates wine and liquor stores.
A spokesman for Foodtown wasn’t immediately available for comment.
