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ST. LOUIS - St. Louis-based Schnuck Markets Inc. on Wednesday announced the company's agreement to acquire 12 Seessel's stores in the Memphis metropolitan area. The properties, owned by Albertson's Inc., were purchased for an undisclosed sum.
Albertson's held a news conference to discuss the sale of 10 stores in Shelby County, Tenn. and two in Desoto County, Miss. The transaction should be finalized by Monday, June 3.
The Seessel's stores range in size from 26,000 to 68,000 square feet. Six of the Seessel's stores were opened within the past three years. Nine have in-store pharmacies and six of the newer stores operate full service gas stations. The gas stations will be a new venture for Schnucks.
"Our growth in Memphis will improve our business efficiency, which ultimately benefits all of our customers," said Schnuck. "Today's climate is extremely competitive. We must continue to grow in order to create growth opportunities for our associates and ensure that our business continues to thrive."
Schnuck said his company first looked at Seessel's in 1992. "This is the third time we have expressed interest and our second attempt to buy the stores. The fact that we keep coming back signals how much we want to become a part of the Memphis community."
He added, "We believe that our large variety of high quality products, emphasis on customer service and convenience and competitive pricing will appeal to loyal Seessel's shoppers and many new customers as well."
Since the founding of Schnuck Markets, Inc. in 1939, the company has grown to include 90 stores in Missouri, Illinois and Indiana. This includes four stores operated as Logli Supermarkets in Rockford, Ill. Annual sales exceed $2.1 billion. Schnucks will expand into the state of Wisconsin with the May opening of the first Logli Supermarket in Janesville, Wis. A new Schnucks in Jefferson City, Mo. is scheduled for early fall.