Private equity’s biggest retail gamble: Albertsons-Safeway
Albertsons-Safeway, owned by Cerberus Capital Management, is the largest private equity-owned company and the second largest grocery chain in the United States... While Cerberus paid itself, Albertsons-Safeway is now refusing to keep its promise to protect workers’ benefits. In the process of renegotiating its union contract with employees in the Washington, DC and Baltimore metro areas, Albertsons-Safeway is refusing to honor a commitment it made to continue to ensure employees receive promised pension benefits... Safeway’s main competitor in DC, Giant Food, has committed to paying employees’ pension benefits.
... Albertsons-Safeway workers should not pay for Cerberus’ actions, especially as the private equity firm continues to pay itself. Safeway workers in the Washington, DC and Baltimore metro areas are standing up to demand that Cerberus and Albertsons-Safeway keeps their promise to workers and the Washington, DC and Baltimore communities.