US-based grocery wholesaler and retailer Supervalu has completed the sale of its 21 Farm Fresh stores to three retailers, including Harris Teeter, Kroger Mid-Atlantic Division and Food Lion.
In March this year, the retail chain signed three separate definitive agreements with the three retailers to sell 21 of its 38 Farm Fresh Food and Pharmacy stores for $43m in cash.
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The transaction covered in-store pharmacies and fuel centres, of which, ten stores were acquired by Harris Teeter, eight stores by Kroger Mid-Atlantic Division, and three stores by Food Lion.
Supervalu president and CEO Mark Gross said: “I appreciate the team’s work timely completing these transactions. Every day we’re working to continue the rapid transformation of our business, and the exit from our Farm Fresh banner is another step forward in becoming the grocery supplier of choice for retailers across the country.”
In addition, the grocery chain is planning to pursue the sale of its remaining Farm Fresh stores to current and prospective wholesale customers.
Supervalu also signed agreements to transfer pharmacy prescription files from ten pharmacies to Rite Aid and four pharmacies to CVS Pharmacy.
The retail chain currently operates a network of 3,437 stores, including 3,323 customer-operated wholesale primary stores 114 traditional retail grocery stores.
Headquartered in Minnesota, the company operates three retail banners, including Shop ‘N Save and Farm Fresh across three geographic regions.
