Safeway Inc., the California-based grocery chain, will pump an additional $212 million into the company’s largest defined benefit plan, which covers 54,000 participants, as part of a settlement with the Pension Benefit Guaranty Corp.
The deal resulted after Safeway was acquired by Cerberus Capital Management, a private equity firm that also owns a stake in Albertsons, another supermarket chain, headquartered in Boise, Idaho.
The acquisition, along with the intent to merge the two chains, was announced last March and finalized Jan. 30 for $8 billion. The combined brands now boast 2,400 stores nationwide, and employ roughly 250,000 people.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
