Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Sale of Supervalu puts future of Cub Foods up in the air

 


Supervalu Inc., a pioneer in the Midwest grocery business that stumbled when it tried to run one of the nation’s largest store chains, agreed to be sold Thursday to an organic foods specialist in a $2.9 billion deal that brings new uncertainty for Cub Foods, Minnesota’s largest grocery operation.

United Natural Foods Inc., a Providence, R.I., firm that is the largest distributor to Whole Foods Market and other natural foods stores, offered to buy Eden Prairie-based Supervalu at a price well above its recent stock trading value. It then laid out plans to sell Cub and the handful of other grocery chains that provide about one-third of Supervalu’s revenue.

http://www.startribune.com/supervalu-is-being-acquired-in-a-nearly-3-billion-deal/489218481/

 

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