Quality Food Centers, or QFC, is an American supermarket chain with 62 stores primarily located in western Washington and northwestern Oregon. It is a subsidiary of Kroger, and is headquartered in Bellevue, WA. QFC is often known as one of the most customer-friendly grocery chains, due to its commitment to a well-staffed, high-quality shopping experience. The company is also well-known for its dedication to the local communities in which it operates, including its support of local sports teams and charities.
In addition, QFC is known for its friendly staff and great beer selection (particularly in Seattle where they carry SN, Sam Adams, and Deschutes). Its employees are also well-versed in local craft beer and can suggest good pairings with your meal or appetizer.
As a result, QFC has become a staple for many people who live in the Seattle area.
However, QFC’s success is not without its challenges. In recent years, the chain has struggled financially, and the company recently announced that it would close two of its stores in Seattle by April 24. The company cited low sales and declining foot traffic as the primary reason for the closures. The decision has been met with protests from both city council members and the mayor of Seattle, as well as local unions.
QFC’s troubles are not completely unique, as other grocery stores across the country have also struggled with the changing retail landscape. As such, the company’s future is uncertain. While the company remains publicly traded, it has struggled to generate profits in recent years, and its stock price has been volatile.
In response to these challenges, QFC has been implementing new strategies to increase efficiency and reduce costs. The chain has been opening smaller stores, focusing on higher-profit categories, and improving its online offerings. It has also been experimenting with self-checkout and a mobile app that allows customers to order and pay for their groceries from home.
QFC has also been focusing on its in-store experience, expanding its beer and wine options, and adding more organic and healthy products. It has even redesigned its store layouts in some locations to make them more appealing to shoppers.
The GSIB Resolution Stay Rules require financial firms to disclose their QFCs with each other and the FDIC in order to allow the FDIC to quickly identify and remediate any exposure to a failed firm’s creditors in the event of a GSIB failure.
There are two methods of complying with the GSIB Resolution Stay Rules: (1) bilateral amendments on a contract-by-contract basis and (2) counterparty adherence to an industry “protocol” such as that published by ISDA. The ISDA Protocol provides creditor protections that are more generous than those permitted under the GSIB Resolution Stay Rules.
If a GSIB decides to rely on the ISDA Protocol, it must adhere to the protocol by January 1, 2023. To do so, it must (1) identify in a new Schedule A all QFCs that are in scope, and (2) amend each of those QFCs by inserting the ISDA Resolution Stay Protocol terms (including the “QFC Provisions”) into the relevant contracts.