Matthews, NC-
By Jordan Okumura
02.13.13
Harris Teeter Supermarkets Inc. is said to be considering a sale and is now working with J.P. Morgan Chase & Co. to pursue those options. According to The Wall Street Journal, people familiar with the situation revealed the information. It isn't yet known whether a buyer is interested in the sale. Harris Teeter has a market value of around $1.8 billion and operates approximately 200 stores in U.S.
Harris Teeter, like other traditional grocery stores, have been facing increasing competition from club stores that include Costco Wholesale Corp., along with dollar stores like Dollar General Corp., and discount mass retailers like Wal-Mart Stores Inc. Upscale stores like Whole Foods Market Inc have also begun to heat up the competition.
Compared to last year, Harris Teeter shares are down around 13% but the company's stock jumped 6.6% to $39.50 in 4 p.m. composite trading on Tuesday on the New York Stock Exchange after The Wall Street Journal reported news of the possible sale.
