Safeway Inc. is an American supermarket chain founded in 1915. It is headquartered in Pleasanton, California.
As of February 2015, it operates 1,638 stores in the United States and had annual revenue of $26.1 billion. Safeway’s primary marketing approach has been to offer a wide variety of products at a low price.
Safeway stock was down sharply on Thursday after the company announced it would be selling its Canadian business to Sobeys for $5.8 billion. The deal is expected to close in early 2015.
The sale will help Safeway reduce its debt and focus on its core U.S. business. It also comes as the company faces increased competition from rivals such as Walmart and Amazon.
Safeway shares were down more than 10% in early trading on Thursday. The stock has fallen sharply in recent months, and is down about 30% since the beginning of the year.
What happened to Safeway stock?
Safeway stock was down sharply on Thursday after the company announced it would be selling its Canadian business to Sobeys for $5. The sale will help Safeway reduce its debt and focus on its core U.
It also comes as the company faces increased competition from rivals such as Walmart and Amazon. Safeway shares were down more than 10% in early trading on Thursday.
