Forman Mills is being acquired by Shoppers World and local workers at the store on West Park Avenue in Vineland will continue to work. By acquiring Forman Mills, Shoppers World doubled its store count and expanded its geography. The amount of the deal was not disclosed.
The deal likely rescues Forman Mills from bankruptcy. The retailer recently laid off hundreds of employees and would have had to file Chapter 11 if it couldn’t find a buyer.
While Forman Mills was recently contemplating a bankruptcy filing, it will soon expand instead, according to a statement from the chain’s chief executive. The discounter caters to a lower-income customer base that has been especially hard hit by inflation and economic uncertainty.
Shoppers World runs 40 stores in 13 states, while Forman Mills runs 43 warehouse-style discount stores in nine states, with some geographical overlap.
Shoppers World’s stores are in New York, New Jersey, Indiana, Maryland, Connecticut, Virginia, Georgia, Michigan, Ohio, Pennsylvania, Illinois, Nevada and Texas. Forman Mills has locations in Philadelphia, New Jersey, Delaware, Maryland, Detroit, Chicago, Milwaukee, Ohio and New York.
