Stop & Shop and King Kullen announced terminating their merger agreement.
“Both companies have put forth an incredible amount of effort to work through unanticipated challenges that have arisen, and we regret that we’re not able to move forward” Gordon Reid, president of Stop & Shop, said. "King Kullen has a strong legacy on the island, and we wish them continued success. Stop & Shop remains committed to the Long Island community to serving our customers in the market well and to investing in our associates and our stores in Nassau and Suffolk Counties.”
A joint decision was made not to proceed with the acquisition due to unforeseen changes in the marketplace that have emerged since the agreement was signed in December 2018, specifically the ongoing COVID-19 pandemic, the companies said.
“We look forward to continuing to focus on what we do best, serving our great customers across Long Island and supporting our hard-working store associates,” Brian Cullen, co-president of King Kullen, said. “We are enthusiastic about the future and well-positioned to serve Nassau and Suffolk Counties for many years to come. In short, we are here for the long term.”