Posted on 10/05/2015 4:35:04 PM PDT by grundle
The Obama administration recently forced successful supermarket chains Albertsons and Safeway to sell some of their supermarkets to the Haggen supermarket chain.
Six months later, Haggen declared bankruptcy, and said it would close at least 100 of its supermarkets.
Grocery strategist Burt P. Flickinger said:
“This is the fastest (failure) in modern supermarket history… In all of retail, I haven’t seen anything like this.”
This does not surprise me. Obama is a cronyist, and everything he touches turns into bantha pudu.
Venezuela fast-track..?
Everything Obama touches turns to crap.
I hope the people that voted for this jackass not only once but twice are really enjoying their life.....
Forced them how? The article doesn’t say. Why is anyone in the private sector listening to this twit much less following his orders?
Article is a tad light on details...
like helium...
Remember Pontiac? They were just starting to crank out some good cars before 0bama forced them GONE as part of the GM bailout. I guess the Pontiac product was just too white.
Sounds kind of Solyndrical in failure mode.... Throwing money into a bad bucket.
Oh yeah and all those auto dealerships were CLOSED EXCEPT the ones run by leftists.
Take control of a perfectly good business, steal it blind and milk it for all it's worth by taking out loans and stripping assets and then, when it is about to go bankrupt and insolvent, burn it to the ground for the insurance money
Two weak supermarket chains merged. As part of the merger, they had to divest some of the stores where the former chains had competed in the same neighborhoods. Sounds like it worked out pretty well for the merged chains if some of the divested stores are being shut down, decreasing competition. The combined chains were number 2 behind Kroger in number of stores even after the divestures.
Albertsons itself almost failed in 2006 (a series of poor management decisions came home to roost), and shed a lot of stores at that time before being bailed out by a private equity firm.
Safeway was known for being overpriced with poor customer service.
They are too stupid to understand how stupid they are. It’s very frustrating and will destroy this country soon.
That is good. Let the sobs starve to death.
Doesn’t bankruptcy mean the rest of us pay?
Kind of a stretch that they were forced by Obama. This sort of selling of in certain markets has been going on regardless of type of business for decades. Especially prevalent as of the past 5-10 years has been cable providers.
Here are the details:
http://www.seattletimes.com/business/retail/haggen-wants-to-close-100-additional-stores/
Eight months from the forced divestiture by the obama administration until most of those stores were closed.
I’m not sure that you can blame Obama if a company finally figures out that it doesn’t want to be in California and that it made a really stupid decision. Poor management decisions should have consequences. Gping from 18stores to 164 stores is like going from the kiddie pool to trying to swim the English channel. http://www.haggen.com/press-releases/haggen-expands/
Probably gave a great big golden parachute to the idiot that thought that that was a good idea.
Here’s the money quote from the story:
“union leaders estimate that about 8,000 workers could be affected in California alone.”
Obozo has the merde touch.
Only if you were an investor or loaned them money without getting adequate collateral.
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