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Article: Fred Meyer agrees to buy Grand Central, Inc., for $25M.
- Article from:
- Daily News Record
- Article date:
- March 30, 1984
CopyrightCOPYRIGHT 1984 Conde Nast Publications, 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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PORTLAND, Ore. (FNS) -- Fred Meyer, Inc., has agreed to acquire Grand Central, a Salt Lake City-based discount drug and department store chain, for about $25 million in cash.
Grand Central operates 31 stores in Utah, New Mexico, Idaho and WYoming. The acquisition will expand Fred Meyer's market coverage into some of the fastest growing states in the country, according to O. B. Robertson, Meyer's chairman and chief executive officer. Robertson declines to comment on whether Grand Central would add food to its inventory.
Closing is expected in June, following a definitive merger agreement and approval by Grand Central shareholders. The current agreement ...