Safeway 2013 Annual Report Download - page 23
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Table of Contents
The last three fiscal years consist of the 52-week period ended December 28, 2013 (“fiscal 2013” or “2013”), the 52-week period ended
December 29, 2012 (“fiscal 2012” or “2012”) and the 52-week period ended December 31, 2011 (“fiscal 2011” or “2011”).
On February 19, 2014, Safeway announced it is in discussions concerning a possible transaction involving the sale of the Company.
Although the discussions are ongoing, the Company has not reached an agreement on a transaction, and there can be no assurance that
these discussions will lead to an agreement or a completed transaction.
Safeway also announced that it has decided to distribute the remaining 37.8 million shares it owns of Blackhawk (approximately 72.2% of
the outstanding Blackhawk shares) to Safeway stockholders. Currently, the plan is to make the distribution on a pro rata basis to all Safeway
stockholders in a transaction intended to be tax-free to Safeway and its stockholders. However, if Safeway consummates a sale transaction,
the distribution may be taxable. The timing and details of the distribution will be determined in the near future.
Additionally, Safeway announced that it is exploring alternatives to monetize its investment in its equity affiliate, Casa Ley. While Safeway
has discussed its desire to monetize its investment with the majority owners of Casa Ley, there can be no assurance that Safeway will be
able to sell its interest in Casa Ley at a price and on terms that Safeway finds acceptable.
Discontinued Operations
Sale of Canadian Operations On November 3, 2013, Safeway completed the Sale of Canadian Operations to Sobeys for CAD5.8 billion
(USD5.6 billion) in cash plus the assumption of certain liabilities.
Dominick's During the fourth quarter of 2013, Safeway sold or closed all Dominick's stores. In 2013, cash proceeds on the sale of these
stores were $72.2 million, with a pre-tax loss of $493.1 million. Included in the loss is a $310.8 million charge which represents the
estimated multiemployer pension plan withdrawal liability. See Note N.
Genuardi's In January 2012, Safeway announced the planned sale or closure of its Genuardi’s stores, located in the Eastern United States.
These transactions were completed during 2012 with cash proceeds of $107.0 million and a pre-tax gain of $52.4 million ($31.9 million after
tax).
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