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Article: Soriana is acquiring 199 stores.(GLOBAL)(Organizacion Soriana SAB acquires Grupo Gigante S.A. de C.V.)(Brief article)
- Article from:
- Mass Market Retailers
- Article date:
- January 14, 2008
CopyrightCOPYRIGHT 2008 Racher Press, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MEXICO CITY -- Mexico's second-largest retailer, Organizacion Soriana SAB, has agreed to buy 199 stores in Mexico and seven in Los Angeles from rival Grupo Gigante for $1.35 billion.
If the deal is approved by Mexico's Federal Competition Commission, Soriana will nearly double its store count. In addition to the stores, the retailer will get 12 distribution centers, software and IT systems.
The 199 stores in Mexico operate under the Gigante, Bodega Gigante and Super G banners. The stores in ...