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As the latest iteration of the Albertsons supermarket chain prepares to launch an initial public offering sometime later this year on the New York Stock Exchange, owners said they're also preparing to buy and rebrand four Paul's Market stores—three in the Treasure Valley and one in McCall.
Owners of the Boise-based Albertsons said they hope to close the deal in April but did not disclose a sales price.
Joe Albertson opened his first store in Boise nearly 75 years ago. Albertsons Inc. grew to nearly 2,500 stores from coast to coast, operating under the names Albertsons, Acme, Bristol Farms, Shaw's and Star Markets. In 2006, Albertsons was sold to Minnesota-based Supervalu and the conglomerate ultimately sold off many of its under-performing stores. A group of Boise-based owners reinvested in a core number of Northwest stores, hiring about 900 new employees in Idaho and bringing the store back to its Boise roots.
Those investors announced Feb. 15 that they would purchase seven Paul's Market locations—on Lake Hazel in Boise and in Caldwell, Homedale, Kuna, McCall, Mountain Home and Nampa—in order to convert four locations in Boise, Homedale, Kuna and McCall to Albertsons and shutter the other three stores.