A new deal between Kroger and an England-based company could impact 11,000 jobs connected to the popular U.S. grocery chain.
The company announced on Monday that it is selling off 762 convenience stores in 18 states to EG Group of Blackburn, England.
In a statement, Kroger said it plans to use the proceeds from the sale to repurchase shares and to lower its debt.
"One of the most important considerations in our decision-making process was continued operations to ensure minimal disruption to our associates. We are very pleased the EG Group plans to establish their North American headquarters in Cincinnati," Kroger Executive Vice President Mike Schlotman said. "EG Group is also a recognized international petrol forecourt convenience operator and they have a commercial model which clearly looks to enhance the consumer offer by working with leading retail brands customers know and trust."
The move will also include 66 other franchise operations that operate under banner names such as Turkey Hill, Loaf 'N Jug, Kwik Shop, Tom Thumb and Quik Stop.
The businesses operate in Alabama, California, Colorado, Florida, Indiana, Iowa, Kansas, Mississippi, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Utah, and Wyoming.
This won't impact any Georgia stores and none of the company's supermarket fuel centers are included in the sale.
