MINNEAPOLIS — Supervalu Inc. is selling 21 of its 38 Farm Fresh Food & Pharmacy stores and is considering selling the rest. According to the terms of deal, the 21 Farm Fresh stores are fetching $43 million from three different retailers — Harris Teeter Inc., Kroger Mid-Atlantic Division and Food Lion.
“Over the past two years, we’ve been working diligently and rapidly to transform our business to become the wholesale supplier of choice for grocery retailers across the United States,” said Supervalu president and chief executive officer Mark Gross.
The transactions, unanimously approved by Supervalu’s board of directors, are expected to close in May, subject to customary closing conditions. Supervalu is working with a third party to liquidate the inventory at these Farm Fresh stores.