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Shareholders of Pathmark Stores overwhelmingly approved the purchase of 40 percent of the company by Yucaipa Cos. for $150 million.

Yucaipa is controlled by Ron Burkle, the investment tycoon who has invested in companies that have included Food4Less, Dominick's, Ralphs Grocery Co., Smith Food and Drug, and Fred Meyer.’’

"Pathmark has tremendous assets on which to build, and we are eager to work with the Pathmark team to help the company capitalize on its strong market position and competitive advantages," Burkle said. In a statement.

The deal is expected to close shortly.
KC's View:
We hope that this gives Pathmark management room to maneuver. But now that they have room, they have to do something with it.