Colorado State Treasurer Dave Young became the latest state official to publicly oppose the proposed merger between grocery giants Kroger and Albertsons, the respective parent companies of King Soo…
Colorado State Treasurer Dave Young became the latest state official to publicly oppose the proposed merger between grocery giants Kroger and Albertsons, the respective parent companies of King Soopers and Safeway.in pressing the Federal Trade Commission to halt the $25 billion deal made public in October.signed by six other state treasurers, Young argues that the merger could hurt the “financial well-being” of residents because of any resulting “reduction in wages.
“The ramifications of these wage reductions extend beyond individual workers and their ability to sustain themselves and their families,” the state treasurers write. “They would also have broader consequences for the economies of our states and municipalities,” as pay cuts could potentially hit all grocery store workers in impacted cities.
Other concerns listed by the state treasurers include the impact on corporate suppliers, employees’ ability to unionize and negotiate and reduced access to goods and services, such as food and medicine. “The interests of our constituents and the long-term economic security of our states would be better served by opposing this merger,” the letter concludes. The other state treasurers to join Young in the push represent Delaware, Maine, Massachusetts, Nevada, New Mexico and Washington state.Secretaries of stateto FTC Chairwoman Lina Khan.
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