Business

market mover

Safeway to sell Canadian stores for $5.7b

Safeways’ US stores are in the West and in the Chicago and Mid-Atlantic areas.

Associated Press/File 2012

Safeways’ US stores are in the West and in the Chicago and Mid-Atlantic areas.

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Safeway Inc. jumped 7.4 percent after the California company agreed to sell its Canadian stores to Empire Co.’s Sobeys Inc. unit for $5.7 billion in cash. Proceeds will be used to pay down $2 billion in debt and buy back stock. Safeway is one of the largest food and drug retailers in North America, based on sales. It has 1,415 stores and 20 plants in the United States, with 2012 revenue of $37.5 billion, and 223 stores and 12 plants in Canada, with revenue of $6.7 billion.

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