The Daily Local reports that Supervalu, Inc. has sold off five of its largest grocery store chains, including Acme, to a New York investment firm for $100 million.
According to the Daily Local:
The New York City investor group will pay $100 million in cash for the stores, and the new company will assume $3.2 billion in existing debt. Cerberus Capital Management will also offer to buy up to 30 percent of the remaining Supervalu for $4 per share after the deal closes.
The nation’s No. 3 traditional supermarket operator said that the sale of 877 stores to an investor group led by Cerberus will also include Albertsons, Jewel-Osco, Shaw’s and Star Market. The group already owns about 200 Albertsons stores in the South and Southwest.
To read the comple story on the Daily Local's website please click on the link: here.