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The Bashas family of stores, which has operated in Arizona for nearly 90 years, is acquired by Raley’s Holding Company, another independent regional grocery chain based in Sacramento, California.
The companies told their employees on Friday that Chandler-based Bashas had signed a definitive agreement to be acquired by Raley’s.
The deal has been in the works for 14 months and Raley’s approached Bashas with an unsolicited offer, Edward “Trey” Basha, president and CEO of Bashas, told the Business Journal.
The deal is expected to be finalized by the end of the year. The two private companies have chosen not to publicly disclose the price of the acquisition.
Bashas and its brands – including Food City and AJ’s Fine Foods – will remain in place, as will all of its employees, Basha said. Bashas will be a fully incorporated operating company within the Raley’s business that will maintain all of its stores, distribution center and head office in Chandler, Basha said.
Read the rest of this story in the Business Journal.
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