Tyler, Texas news sources have talked about a pending sale of Brookshire’s for over a month since October 16th. Brad Brookshire, Chairman of the Board, released the following statement today regarding the pending sale to HEB:
Brookshire’s officials have announced the company is no longer for sale in a letter to employees.
In October, multiple agencies reported that the company was exploring a sale that could value their chain of stores at as much as one billion dollars. Brad Brookshire, Chairman of the Board of Brookshire Grocery Company, said in a letter dated Monday that the board of directors has decided to discontinue the sale process:
My fellow partners,
I am pleased to announce that the Board of Directors of the Company has decided this morning to discontinue the sale process of our company. The company is no longer for sale and we can now focus on the things that matter most – our customers and partners. I personally want to thank each of you for sticking with us during these past few months of difficult uncertainty.
Entering this week of Thanksgiving, I am more than ever thankful for our company, our 14,000 employee partners and our loyal customers. I firmly believe Brookshire Grocery Company is a business with solid foundation and enormous potential.
Most of all, as we come together to serve our customers this holiday week, I wish you and your family a wonderful Thanksgiving.
All the best,
Chairman of the Board
The Dallas Morning News stated “The Tyler-based grocery chain of 150 stores with estimated annual sales of about $2 billion is considered a strong operator, with No. 1 or No. 2 market shares in most of the smaller East Texas towns where it operates”.
“It’s going to be a battle between Albertsons and Kroger with maybe H-E-B entering the fray,” said Craig Rosenblum, partner at Willard Bishop LLC, a premier retail grocery consulting firm out of Barrington, Illinois. It will be a tossup between Albertson’s (Safeway) or Kroger. Kroger recently purchased Harris-Teeter in North Carolina.
Brookshire operates 28 stores in North Texas, mostly in outlying cities. Greenville, Quinlan, Farmersville and Commerce are in this niche.