Weis Markets, a food retailer in the US Mid-Atlantic region, plans to acquire Saylor's Market assets at 37 Carlisle Road in Newville, Pennsylvania.
The transaction will complete in the first quarter of 2025, after which the establishment will undergo a brief closure to transition into a Weis Markets store.
Weis Markets chairman and CEO Jonathan Weis said: "Saylor's has served the Newville community with a strong focus on customer service and a commitment to its community. We share these values and look forward to interviewing Saylors' associates for employment with our company."
The acquisition marks Weis Markets' third store purchase in 2024 alone. In October 2024, the company expanded its footprint by acquiring two stores in Franklin County, which were then reestablished as Weis Market stores by 1 November.
The Food Partners acted as strategic and financial advisor to Saylor's Market in the transaction.
Saylor's Market co-owners Craig and Curt Saylor said: "We would like to thank the Newville community for their patronage and support over the past 47 years. We enjoyed meeting each and every one of our customers, along with serving the community."
In September 2024, Weis Markets strengthened its presence in Pennsylvania by entering an asset purchase agreement with Sunnyway Foods.
The agreement will see Weis Markets taking over Sunnyway supermarket assets at 49 Warm Spring Rd in Chambersburg and 212 N Antrim Way in Greencastle, Pennsylvania.
During the 13 weeks ended 28 September 2024, Weis reported net sales of $1.19bn - a slight increase from the $1.16bn recorded during the same quarter of 2023 and a growth of 2.2%.
When examining comparable store sales excluding fuel, there was a rise of 3% compared to the previous year's third quarter, and a more significant jump of 4.1% in a two-year stacked comparison.
Net income for the company in this quarter reached $25.84m, including gains from fixed asset dispositions amounting to $4.58m. Earnings per share (EPS) for this quarter were calculated at $0.96 - above the EPS of $0.86 reported in the same quarter of 2023.
"Weis Markets to acquire Saylor’s Market in Pennsylvania" was originally created and published by Retail Insight Network , a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.