SpartanNash to Close 10 Stores While Still Shopping Acquisition Opportunities
BYRON TOWNSHIP, MI - SpartanNash is experiencing several changes this year; the Michigan-based retailer has announced the plan to close 10 stores and renovate several others.
"We remain focused on improving the efficiency and quality of our operations and as a result intend to close up to 10 stores in fiscal '15 that don't meet our vision," SpartanNash CEO Dennis Edison said in a press conference discussing the retailer’s fourth quarter, according to a Michigan Live report. "We obviously aren't going to get into the locations, but the store closures will be primarily domiciled in the western store base."
Though the company hasn’t revealed which locations don’t meet its vision, it did say that the focus will be on stores outside of Michigan with the first three in Nebraska according to Omaha.com.
The company is, however, weighing possible ideas for additional acquisitions as part of the $1.3 billion all-stock merger that took place 15 months ago, said a MiBiz report.
“(W)e’re always opportunistically looking for the right acquisitions and we think that with 18 months or so behind us, we will be better equipped to do it,” Edison said in the financial conference. “But we’re not going to do an acquisition for the sake of doing one. We’re going to find the right ones… and we’re going to take advantage of them as they come up.”
According to what was unveiled at the conference, the company has either met or exceeded performance expectations coming out of the merger though it has only been 15 months, having generated $7.9 billion in sales in 2014 after projecting $7.9 billion to $8.04 billion.
Edison stated that SpartanNash remains confident that it will be able to capitalize on its track record and continued growth in seeking additional acquisition opportunities.