SuperValu has entered into a definitive agreement to sell 19 of its 36 Shop ‘n Save grocery stores, primarily located in the St. Louis, Mo. area, to Schnuck Markets, Inc. The transaction is planned to occur with a staggered close process that is currently expected to finish by late October 2018, subject to customary closing conditions. As part of the acquisition, SuperValu and Schnucks will also enter into an agreement for SuperValu to serve as the primary supplier for nine of Schnucks’ existing stores located across northern Illinois, Iowa and Wisconsin.
“Since announcing plans to pursue the sale of our Shop ‘n Save banner earlier this Spring, the team has worked diligently and successfully to put this agreement together,” said Mark Gross, SuperValu president and CEO. “This transaction is an important step in the continued transformation of our business. Schnucks is an excellent retailer in the St. Louis area and we’re pleased that these stores will become a part of their operation, including continuing to serve the communities and providing jobs to many of our employees.”
As part of the acquired stores, Schnucks will acquire 15 in-store pharmacy locations and one stand-alone pharmacy (16 in total) which will remain open, and prescription files at 10 other Shop ‘n Save pharmacy locations that will be transferred to other Schnucks pharmacies in the area. Customers of the Shop ‘n Save pharmacies that will close will receive detailed information on the transfer of their pharmacy files by mail within the next several days, and information will also be available at each pharmacy. Schnucks will also acquire four of Shop ‘n Save’s seven fuel centers.
Founded in 1979 and headquartered in Kirkwood, Mo., Shop ‘n Save has served the St. Louis market and surrounding area for nearly 40 years, and today employs approximately 2,800 associates.
PJ SOLOMON is acting as financial advisor.