Supervalu to sell 5 supermarket chains to Cerberus
NEW YORK (AP) -- Supervalu Inc. says it reached a deal to sell five of its biggest grocery chains -- Albertsons, Acme, Jewel-Osco, Shaw's 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.
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.
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