|
Food Lion sets expansion
|
 |
September 25, 1997: 9:16 a.m. ET
Grocery chain will spend $360 million to open 75 new stores in 1998
|
NEW YORK (CNNfn) - Grocery store chain Food Lion Inc. said late Wednesday it will spend $360 million to open 75 new stores in 1998.
The news comes just one week after the chain said it is closing 61 stores and laying off 3,100 people as it shifts its focus to the South and mid-Atlantic regions.
Of the 75 stores to be built, 17 will be replacements. The company also plans to expand or remodel 133 locations. Company officials said the renovations are expected to add approximately 2.8 million square feet of floor space.
Food Lion said it will close an additional 18 stores over the next year as it continues to review the performance of its various locations.
"Investing in new stores and renovations is an important part of Food Lion's strategy for the company year," said Tom Smith, president and chief executive officer.
"By adding new sites and enhancing existing locations, our goal is to continue to build customer loyalty," he said.
--Cyrus Afzali
|
|
|
|
|
|
Food Lion Inc.
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
