Shaws supermarkets being sold

2:50 PM, Jan 10, 2013   |    comments
  • Share
  • Print
  • - A A A +

NEW YORK (AP) - Supervalu Inc. says it reached a deal to sell five of its biggest grocery chains - Shaw's, Albertsons, Acme, Jewel-Osco and Star Market - for $100 million in cash plus more than $3 billion in debt.

The sale to AB Acquisition, an investor group led by Cerberus Capital Management, will include 877 stores.

Shaw's has 22 locations in Maine.

The group will acquire the stores for $100 million in cash, and the new company will assume $3.2 billion in existing debt.

Following the sale, Supervalu will consist of a food wholesaler, Save-A-Lot, and regional chains Cub, Farm Fresh, Shoppers, Shop 'n Save and Hornbacher's.

Supervalu said grocery retail veteran Sam Duncan will replace CEO and Chairman Wayne Sales after the sale.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

Most Watched Videos