New York City upscale supermarket chain Morton Williams will be acquired by ShopRrite owner Wakefern Food Corp., the companies said Thursday.
The grocer, founded by the Sloan family since 1952, will continue to operate its 17 Big Apple locations under the Morton Williams banner, co-owner Avi Kaner told The Post.
“The companies we compete with like Trader Joe’s, Wegmans and Whole Foods are much larger than we are,” Kaner said. “We didn’t have the [deep pockets] of the larger players to continue growing here.”
Terms of the deal were not disclosed. Both companies are privately owned.
Wakefern, a $20 billion wholesaler owned by 40 families that operate ShopRite stores and other brands, plans to expand Morton Williams in the New York metro region and eleshwere, Kaner said.
It operates more than 360 stores in the Northeast.
Morton Williams was among a handful of independent grocery chains that were left in New York City.
The supermarket sector has been under siege in recent years from shoplifters, consolidation and growing competition.
Discounter Trader Joe’s and Amazon, which acquired Whole Foods in 2017 for $13.7 billion, have been aggressively expanding in the city.
Gristedes, which is owned by billionaire John Catsimatides and operates about 30 stores in the city, acquired family owned D’Agostino’s in 2016.
In 2020, Wakefern also added Fairway Market.
The Morton Williams deal was inked Wednesday and is expected to close by Sept. 30, Kaner said.
The company employs more than 1,000 workers who are represented by local 338 of the Retail, Wholesale and Department Store union.
“This acquisition is an incredible opportunity to continue the legacy of a storied New York City grocer while building on the business and adding even more product offerings, value and quality for shoppers,” said Wakefern President Mike Stigers in a statement. “Wakefern is committed to honoring the traditions of Morton Williams.”
Morton Williams was founded by brothers Joe and Irving Sloan in the Bronx. Joe’s sons Morton and William expanded the business into Manhattan. Its now run by the third generation including Kaner, who is Morton Sloan’s son-in-law.
Morton Williams opened its 17th store last year at 68th and Broadway, finalizing the deal during the pandemic.
“We would have negotiated for another five stores during that time,” Kaner said. “But we didn’t have the bandwidth to do that.”
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
