Breaking news – Supervalu announces deal with Cerberus
Supervalu announced today that it was selling 4 banners: Jewel (Chicago), Albertsons (Southern CA, WA, OR, and interior West), Acme (Philadelphia), and Shaw’s/Star Market (New England) to a Cerberus-led consortium.
Also, a Cerberus-led consortium will acquire a stake of at least 19.9% and up to 30% in what remains of Supervalu. In a Board shake-up, the Cerberus-led group will end up with 3 directors out of an 11-member Board.
Sam Duncan (former CEO of Office Max; has experience in Albertsons and Kroger) will become the new CEO of Supervalu, and Robert Miller, CEO of the Cerberus-owned Albertsons stores, will become the Board chair. Supervalu will continue to operate the distribution and Save-a-Lot businesses, plus Cub Foods (Minneapolis), Shop n Save (St. Louis), Shoppers (Washington DC), and two smaller conventional chains.