Dominick's Announces Plan to Revitalize Operations.OAKBROOK, Ill. -- Dominick's announced today a strategic plan to revitalize re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. its operations. As part of a continuing effort to position the company for growth, the retail grocery chain will remodel re·mod·el tr.v. re·mod·eled also re·mod·elled, re·mod·el·ing also re·mod·el·ling, re·mod·els also re·mod·els To make over in structure or style; reconstruct. 20 stores to the company's Lifestyle format in 2007, and will be identifying sites for new store development - the first of which is a new store at Chicago and Damen Streets in the city of Chicago, which is expected to open later this year. By year end 2007, half of the Dominick's stores are expected to be in the Lifestyle format. "We are encouraged by the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. consumer response to our Lifestyle stores and intend to build on that momentum in the coming year," said Dominick's President, Don Keprta. "During 2006, Dominick's completed 20 Lifestyle store remodels in the region and opened a state of the art Lifestyle store in the Streeterville neighborhood of downtown Chicago." In addition, Dominick's also announced plans to close 14 underperforming stores. The closures are expected to take place by early April 2007, at which time the total Dominick's store count is expected to be 83. Dominick's will be working during the transition to identify alternate tenants for the closed sites. Although Dominick's parent company, Safeway Inc., will incur some lease exit costs associated with these store closures, the costs are expected to be offset by the elimination of operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. from the closed stores and other unrelated real estate gains. All of these factors were contemplated in the company's earnings per share guidance for 2007. Dominick's anticipates that its current job openings and increased sales at the new and remodeled Lifestyle stores will create employment opportunities for many employees from the stores scheduled for closure. Pharmacy customers in stores that are closing will be receiving notification providing information on nearby Dominick's locations where they can obtain their prescriptions. "These are necessary steps that will help position Dominick's business for success and expansion in Chicagoland," said Mr. Keprta. "Our Lifestyle stores are meeting the needs of our customers and we look forward to serving them through this format into the future." Lifestyle stores feature an expanded selection of perishables and a number of unique offerings, including a large selection of natural and organic foods, full-service meat and seafood counters, full service bakeries, floral design Floral design is the art of using plant materials and flowers to create a pleasing and balanced composition. Evidence of refined floristry is found as far back as the culture of Ancient Egypt. There are many styles of floral design. centers, as well as olive bars, in an attractive store environment characterized by warm earth tones and subdued sub·due tr.v. sub·dued, sub·du·ing, sub·dues 1. To conquer and subjugate; vanquish. See Synonyms at defeat. 2. To quiet or bring under control by physical force or persuasion; make tractable. 3. lighting. Safeway Inc., Dominick's parent Company, is a Fortune 50 company with annual sales of $38.4 billion in 2005. The company is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol SWY SWY Safeway, Inc. (stock symbol) . This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements relate to among other things, business trends, earnings per share, lease exit costs, and real estate gains and are indicated by words or phrases such as "expects," "anticipates," "guidance" or other similar words or phrases. These statements are based on Safeway's current plans and expectations and involve risks and uncertainties which are, in many instances, beyond our control, including general business and economic conditions, competitive factors, financial condition of business over time, or unfavorable legislative, regulatory or judicial developments that could cause actual events and results to vary significantly from those included in or contemplated by such statements. The company undertakes no obligation to update forward-looking statements to reflect developments or information obtained after the date hereof and disclaims any obligation to do so. Please refer to Safeway's reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties. Planned Dominick's Store Closures: * 8847 S. Harlem Ave., Bridgeview * 968 Sibley Blvd., Calumet City Calumet City, city (1990 pop. 37,840), Cook co., NE Ill., a suburb in the greater Chicago metropolitan area, near Ind.; settled 1868, inc. 1911. Once heavily industrial, the city is primarily residential with some light manufacturing. * 3300 W. Belmont Ave., Chicago * 6623 N. Damen Ave., Chicago * 5829 S. Archer Ave., Chicago * 13180 S. Cicero Ave., Crestwood * 7241 Lemont Rd., Downers Grove Downers Grove, village (1990 pop. 46,858), Du Page co., NE Ill.; settled 1832, inc. 1873. Downers Grove has undergone population growth and commercial development that include the construction of new office complexes. * 535 Dundee Ave., East Dundee * 325 E. Army Trail Rd., Glendale Heights * 1020 Waukegan Rd., Glenview * 1295 E. Ogden Ave., Naperville * 8900 Greenwood Greenwood. 1 City (1990 pop. 26,265), Johnson co., central Ind.; settled 1822, inc. as a city 1960. A residential suburb of Indianapolis, Greenwood is in a retail shopping area. Manufactures include motor vehicle parts and metal products. Ave., Niles * 7401 W. 25th St., North Riverside * 722 E. Rollins Rd., Round Lake Beach |
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