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Albertsons Cos. Inc. has postponed its IPO indefinitely, citing unstable market conditions, according to reports. The grocer's IPO had been slated for completion on Thursday.
The Boise-based company's intention to go public – which was first announced in early July and set at $100 million in proceeds – has since been forecasted to generate close to $2 billion, per its filing with the U.S. Securities and Exchange Commission.
As PG previously reported, Albertsons has said it plans to use the IPO proceeds to pay down debt and fund other corporate initiatives.
It also plans to open new stores and upgrade others, including eight new and replacement stores in 2015 and remodel a total of 115 existing stores across most of its operating divisions.
Albertsons, which completed the acquisition of Safeway in a $9.4 billion deal in early 2015, is executing a $800 million synergy plan from the buyout, which Albertsons expects to achieve by the end of fiscal 2018.