STELLARTON, Nova Scotia — Sobeys here said Monday that it has entered into an agreement to purchase Thrifty Foods, a 20-store grocery chain based in Victoria, British Columbia, for around $249 million (U.S.). In addition to 20 full-service stores, Thrifty operates a distribution center and a wholesale business serving Vancouver Island and the lower mainland of British Columbia. The deal is expected to close during Sobeys’ fiscal second quarter late this year. “Thrifty’s is a very well-respected and well-run food-focused retailer with great management and a reputation for exceptional customer service,” Bill McEwan, president and chief executive officer of Sobeys, said in a statement.
Read More of Today's Headlines