Kroger to purchase Harris Teeter
by Anna Oakes
Don't expect much to change at Harris Teeter's 212 locations -- including one in Boone -- despite the company's pending sale to grocer giant Kroger, executives said Tuesday.
The companies announced a merger agreement under which Cincinnati-based Kroger will purchase outstanding Harris Teeter shares for $49.38 per share, an estimated $2.5 billion transaction. The Federal Trade Commission and Harris Teeter shareholders must approve the merger.
Kroger is one of the world's largest retailers, operating 2,419 supermarkets and stores in 31 states. Harris Teeter operates in eight Southeastern and mid-Atlantic states "primarily in high-growth markets, vacation destinations and university communities," according to a statement released Tuesday. The company earned approximately $4.5 billion in revenue in fiscal year 2012.
Following closing, Harris Teeter will retain its name and senior management team as a subsidiary of The Kroger Co., the statement indicated.
"There are no plans to close stores, and associates will continue to have employment opportunities with both companies," it said. "Kroger headquarters will remain in Cincinnati, and Harris Teeter will keep its headquarters in Matthews, N.C."
Boone's Harris Teeter supermarket is located at 240 Shadowline Drive in the Shops at Shadowline; the company has leased this space from Paul Brown Enterprises since 1993, according to records from the Watauga County Register of Deeds office.
At one time the company operated two locations in Boone -- with the other located on King Street in a space now occupied by Earth Fare.