Supervalu said yesterday that it has agreed to sell 19 of its 36 Shop ‘n Save grocery stores, primarily located in the St. Louis, Mo. area, to Schnuck Markets, while also signing an agreement to serve as the primary supplier for nine of Schnucks’ existing stores located across northern Illinois, Iowa and Wisconsin.
“Since announcing plans to pursue the sale of our Shop ‘n Save banner earlier this Spring, the team has worked diligently and successfully to put this agreement together,” said Mark Gross, Supervalu’s president/CEO, in a prepared statement. “This transaction is an important step in the continued transformation of our business.”
Supervalu said that “all Shop ‘n Save stores and fuel centers not included in this announcement currently remain open,” but in the event that Supervalu cannot sell them, they will be closed later this year.
The St. Louis Post Dispatch reports that the stores “will be closed in waves of three beginning Oct. 7, undergo a renovation and reopen as a Schnucks store less than three days later. A schedule of the closures and re-openings has not yet been released.”
Terms of the deal were not disclosed.
Scott Moses of PJ Solomon served as financial advisor to Supervalu on the transaction.
“Since announcing plans to pursue the sale of our Shop ‘n Save banner earlier this Spring, the team has worked diligently and successfully to put this agreement together,” said Mark Gross, Supervalu’s president/CEO, in a prepared statement. “This transaction is an important step in the continued transformation of our business.”
Supervalu said that “all Shop ‘n Save stores and fuel centers not included in this announcement currently remain open,” but in the event that Supervalu cannot sell them, they will be closed later this year.
The St. Louis Post Dispatch reports that the stores “will be closed in waves of three beginning Oct. 7, undergo a renovation and reopen as a Schnucks store less than three days later. A schedule of the closures and re-openings has not yet been released.”
Terms of the deal were not disclosed.
Scott Moses of PJ Solomon served as financial advisor to Supervalu on the transaction.
- KC's View:
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I hope that Supervalu is able to find buyers for the other stores, because if they close, it will leave the communities they serve a little poorer. As for the stores being acquired by Schnucks, the people who patronize them are lucky, because they’re getting a quality retail environment with a strong customer focus.
