FTC Agreement Causes Giant to Sell to McCaffrey's
McCaffrey’s, a family-owned supermarket chain with locations in Yardley, Princeton, N.J. and West Windsor, N.J., will be taking over the Newtown Genuardi's instead of Giant.
Genuardi’s in Newtown will now become a McCaffrey’s so that Giant can obtain regulatory clearance from the Federal Trade Commission to purchase more than a dozen other stores in the Philadelphia region, a Giant spokesman confirmed Thursday.
“As a condition to the closing of the Genuardi’s transaction, Giant has agreed to sell the Newtown Genuardi’s store in order to obtain regulatory clearance from the Federal Trade Commission,” said Christopher Brand.
McCaffrey’s, a family-owned supermarket chain with locations in Yardley, Princeton, N.J. and West Windsor, N.J., will be taking over the space.
According to published reports, McCaffrey’s owner, Jim McCaffrey, made the announcement to Genuardi’s employees on Wednesday.
In January, Giant announced its plans to purchase 16 Genuardi’s stores in the Greater Philadelphia region, including the one located in the Village at Newtown Shopping Center.
The deal was subject to FTC approval, however.
The FTC is the federal agency billed with regulating consumer protections. The close proximity of the proposed Giant to other locations raised a red flag for the agency.
Giant recently completed a renovation of its store in Middletown Township, located off the Newtown Bypass in the Summit Square Shopping Center. Giant already has several locations in Bucks County, including Yardley, New Hope, Levittown, Southampton and Morrisville.