Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Union rejects Kroger's King Soopers sweetened wage offer

Published 01/11/2022, 02:48 PM
Updated 01/11/2022, 07:31 PM
© Reuters. FILE PHOTO: The Kroger supermarket chain's headquarters is shown in Cincinnati, Ohio, U.S., June 28, 2018.   REUTERS/Lisa Baertlein/File Photo

(Reuters) -The union representing more than 8,700 King Soopers supermarket workers rejected the Kroger-owned Colorado chain's increased wage offer, setting the stage for a three-week strike starting Wednesday.

Earlier on Tuesday, King Soopers, the largest grocery store chain in Colorado, had sweetened a wage offer to workers of UFCW Local 7 to $170 million calling it their "last, best and final offer."

This came after the union rejected several previous offers, including a $148 million investment in wages and signing bonuses over three years, last week.

"The company's last, best, and final offer, in many ways, is worse than its previous offers," Kim Cordova, president of UFCW Local 7, said in a statement.

Cordova said the company's wage offer "still doesn't cut it" and retains many of its previously proposed concessions and adds new concessionary items.

The union is seeking an increase in wages of at least $6 per hour for all workers. However, the company's "last, best and final offer" proposed raises of up to $4.50 per hour based on job classification and tenure, which was the same as its previous proposal.

While many terms of the new offer remain the same, a full-time checker with five years of experience will now get an annual compensation of over $47,000, compared with nearly $46,000 in the previous offer, or an additional 50 cents per hour in 2022, the proposal showed.

"This offer not only puts more money in associates' pockets but if accepted, promises to bring stability to our associates and Coloradans who have endured enough uncertainty and disruption," the company said in a statement.

UFCW Local 7 said that it will be out on the picket lines at 5 AM MT on Wednesday.

© Reuters. FILE PHOTO: The Kroger supermarket chain's headquarters is shown in Cincinnati, Ohio, U.S., June 28, 2018.   REUTERS/Lisa Baertlein/File Photo

Over 8,700 UFCW Local 7 workers from 78 King Soopers stores are expected to participate in the strike, Cordova had previously said in a press briefing.

King Soopers operates more than 100 stores in Colorado.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.