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|SUPERVALU Announces Sale of over 100 Fuel Centers|
EDEN PRAIRIE, Minn., Sep 07, 2011 (BUSINESS WIRE) -- SUPERVALU INC. (NYSE: SVU) today announced the sale of 107 fuel centers located in the Midwest, Intermountain West and West Coast regions following the acceptance of four separate bids to purchase the centers. The transactions include the majority of fuel centers within the Albertsons, Cub Foods, Hornbacher's and Jewel-Osco banners.
The transactions, expected to be finalized this fall, will allow SUPERVALU to monetize non-core assets, creating capital that the company can use to further strengthen its business. The transactions also include partnership opportunities that will result in SUPERVALU continuing to have the ability to offer fuel rewards programs to its customers through these existing fuel centers, and in most markets, through an expanded network of fuel centers.
"As we execute on our strategic plan, we are continually reviewing all areas of our business to identify opportunities to strengthen our market position, reduce costs or generate capital that can be reinvested into the business," said Pete Van Helden, executive vice president, retail operations. "These transactions help us further execute on our transformation plan, while also creating an opportunity for us to partner with major fuel retailers to bring broader fuel rewards programs to our customers."
Specific transaction details are as follows:
SUPERVALU currently operates a total of 134 fuel centers across its operations. The company will continue to operate 27 fuel centers not involved in these transactions, while continuing to seek potential buyers moving forward.
About SUPERVALU INC.
SUPERVALU INC. is one of the largest companies in the U.S. grocery channel with annual sales of approximately $37 billion. SUPERVALU serves customers across the United States through a network of approximately 4,290 stores composed of 1,107 traditional retail stores, including 801 in-store pharmacies; 1,283 hard-discount stores, of which 907 are operated by licensee owners; and 1,900 independent stores serviced primarily by the company's traditional food distribution business. SUPERVALU has approximately 140,000 employees. For more information about SUPERVALU visit http://www.supervalu.com.
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SOURCE: SUPERVALU INC.