Jewel-Osco parent company Supervalu on Thursday announced it will sell the grocery store chain—along with its Albertsons, Acme, Shaw’s and Star Market chains—in a $3.3 billion deal.
According to the Chicago Tribune, Supervalu reported a loss of $1.04 billion for fiscal year 2012, including a $519 million operating loss, and a 3 percent sales decline, to $27.9 billion, last year.
The grocery stores, plus affiliated in-store Osco and Sav-On pharmacies, are being sold to a consortium of investors led by Cerberus Capital Management, according to the Minnesota-based Supervalu.
The deal, which includes $100 million in cash and $3.2 billion in debt, is expected to close this spring, according to the Chicago Tribune. The five grocery store chains will be acquired by Cerberus affiliate AB Acquisition, the paper reported.
After the sale, Sam Duncan will replace current CEO Wayne Sales. Supervalu will continue to own its wholesale grocery business, the Save-A-Lot discount chain and grocery chains, which include Cub, Shop N’ Save and Hornbacher’s.
“The transactions announced (Thursday) represent the successful culmination of the in-depth strategic review process we commenced this past summer,” outgoing CEO Sales said in a press release.
Jewel-Osco’s Elmhurst stores are located at 944 S. York and 153 E. Schiller.
elle
With Mariano's opening down the street in a few months the Jewel on Schiller may go dark unless it's making a nice profit now. We'll see.
elle
I shop at Schiller St. store I I really like the people there. Jewel also employs many special people who bag for us. Money is important to me but it is not everything.
http://elmhurst.patch.com/blog_posts/elmhurst-weekly And, come hear Mark Mulliner in person Wed. night Jan. 16 from 5:30 pm to 7:30 pm at Nu Crepes, 115 W. Schiller Ct. http://www.facebook.com/events/115334935307940/ All the various municipal governments in Elmhurst need to work together. That means our City, our Parks, our Schools, along with organizations and institutions like Elmhurst College, Elmhurst Memorial Hospital, YMCA, Elmhurst Children's Theatre etc.... Since we are all in this together, working and planning together is a key. Alan Brinkmeier
As the senior Alderman in Elmhurst, I'de love to hear about all of Mulliner's previous efforts to coordinate efforts between all of the various entities mentioned above. You would think if Mark felt so strongly about those things, Elmhurst would already be doing a lot of it. Or, maybe it's all just campaign rhetoric.