What’s next for Publix?
Posted On July 20, 2021
In a series of tweets posted late Friday, the company said it had closed the sale of its restaurant business and that it would focus on its core business of groceries.
It also announced that it had acquired a third-party marketing company called Market Research, which was also owned by the restaurant chain.
Publizia’s move comes a day after it announced it would shutter its grocery business and shutter a second food business, which it said would be called Publilife.
It is one of the largest restaurant chains in the U.S. The chain’s news comes amid the turmoil in the restaurant industry as consumers turn away from traditional chains, such as fast-food restaurants and grocery stores.
Publiya was acquired in 2011 by the billionaire David Deere for $4.6 billion.
That deal has resulted in several major grocery chains closing stores and shutting down operations.
But Publiceas business model is different than most, with its main business being groceries, and its new owner says it is better positioned to succeed in the food market.
The company says it has already acquired a second business, Publife, which is based in San Diego, California.
The other businesses will be sold to a third party, Publiife said.
The deal is expected to close by the end of the year.
The acquisition of Publishia comes as the country grapples with the impact of the massive food price spike that hit consumers last month.
On Friday, food prices rose by nearly 20% to an average of $1.15 per loaf.
The price of meat rose by more than 40%, and breads, rice and other staples increased by more in the same period.
As of Thursday, the average price of a loaf of bread was up more than $1 per loaf, the Food and Drug Administration reported.
The price of gas was up by more $1 a gallon, and the cost of a gallon of gas rose by $1, it said.
A Publia spokesperson said that Publize had more than 3,000 employees and more than 8,500 stores in all 50 states.
The retailer plans to retain some Publica employees in the business, the spokesperson said.
Publize has more than 10,000 locations in the United States and Canada.