CINCINNATI, Dec. 15, 2016 /PRNewswire/ -- The Kroger Co.
(NYSE: KR) today announced a one-time Voluntary Retirement Offering for certain non-store associates.
"Kroger would not be the successful company it is today without the incredible efforts of all of our associates. We believe a
generous Voluntary Retirement Offering is in line with our company values and recognizes the long careers many of our associates
have had with Kroger," said Rodney McMullen, Kroger's chairman and CEO. "Kroger is committed to
our operating model of lowering costs to invest in the areas that matter most to our customers."
A critical focus of Kroger's Customer 1st Strategy continues to be ongoing cost controls in areas where customers
do not see them in order to invest in areas that improve Kroger's connection with customers and associates. The company's
Voluntary Retirement Offering for non-store associates is in line with this approach.
Eligibility for the Voluntary Retirement Offering will generally include administrative associates who meet certain criteria
related to age and years of service as of December 1, 2016. The offer does not include store and
district associates, senior officers, and supermarket division presidents.
Approximately 2,000 non-store associates are eligible for the Voluntary Retirement Offering. Because it is voluntary, savings
and cost will be based on the number of associates who accept the offer between now and early March, when the consideration
periods expire. Expenses related to the offer will be reflected in Kroger's first quarter 2017 results. The effect of this plan
was not included in the company's initial comments on Fiscal 2017.
Every day, the Kroger Family of Companies makes a difference in the lives of eight and a half million customers and 431,000
associates who shop or serve in 2,796 retail food stores under a variety of local banner names in 35
states and the District of Columbia. Kroger and its subsidiaries operate an expanding ClickList
offering – a personalized, order online, pick up at the store service – in addition to 2,253 pharmacies, 787 convenience stores,
324 fine jewelry stores, 1,439 supermarket fuel centers and 38 food production plants in the United
States. Kroger is recognized as one of America's most generous companies for its support of more than 100 Feeding America
food bank partners, breast cancer research and awareness, the military and their families, and more than 145,000 community
organizations including schools. A leader in supplier diversity, Kroger is a proud member of the Billion Dollar
Roundtable.
This press release contains forward-looking statements, as that term is defined in the Private Securities Litigation Reform
Act of 1995, about future cost savings related to the Voluntary Retirement Offering and future Company performance. These
statements are based on management's assumptions and beliefs in light of the information currently available to it. These
forward-looking statements are subject to uncertainties, including the successful implementation of the Voluntary Retirement
Offering, and other factors that could cause actual results to differ materially. We assume no obligation to update the
information contained herein. Please refer to Kroger's reports and filings with the Securities and Exchange Commission for a
further discussion of these risks and uncertainties.
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SOURCE The Kroger Co.