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SAN FRANCISCO - Ahold on Friday said it plans to establish an "arena" combining two U.S. food chains, Stop & Shop and Giant Food of Landover, Md., as part of a three-year plan to restructure its global operations, Reuters reports.
The company didn't provide further details on how this new arena would function or whether it would involve any layoffs.
Stop & Shop, based in Quincy, Mass., and Giant, based in Landover, Md., employ more than 81,000 workers in total. Stop & Shop operates 341 grocery stores in the northeastern U.S., and Giant has 195 stores in the mid-Atlantic region of the U.S.
The news of this U.S. restructuring followed Ahold's announcement earlier Friday of a company-wide restructuring. Ahold said it will issue new shares worth at least 2.5 billion euros, or $2.86 billion, sell assets, and establish backup credit facilities.