Stores slated to get major remodels in 2022

CLEVELAND  — The discount grocery chain Save A Lot has sold 32 company-owned stores to Yellow Banana LLC, as part of an ongoing effort to convert corporate-owned stores to local ownership. The 32 stores, located across the greater Cleveland, Chicago and Milwaukee areas, generate annual revenues in excess of $130 million, making Yellow Banana one of Save A Lot’s largest retail partners, the company said on Tuesday.

Yellow Banana is controlled by 127 Wall Holdings LLC, a minority-owned holding company co-founded by Walker Brumskine, Ademola Adewale-Sadik and Michael Nance, who met at Yale Law School, and seasoned retail operator Joseph Canfield.

“We are thrilled to partner with Save A Lot on this opportunity to invest in underserved, predominantly minority communities in three major cities,” Brumskine said.

Adewale-Sadik added, “As the COVID-19 pandemic has made clear, providing affordable, high-quality nutrition to working families is an essential service that creates meaningful impact.”

Yellow Banana intends to employ all of the over 400 store associates and maintain their current wages, health insurance and retirement benefits. The stores will continue to emphasize convenience, offer high-quality products, deliver great value and promote easy-to-shop store experiences. Yellow Banana also intends to expand each store’s assortment of local and regional products and hire talent from local communities.

Each of the stores will undergo a significant remodel in 2022 to fully reflect Save A Lot’s updated brand image. This will deliver an enhanced shopping environment both inside and outside the stores, including new décor, upgraded flooring and lighting as well as updated produce and meat cases.

“In many cases our stores are the only accessible option for healthy, affordable groceries, and we will work hard to earn our place as the beloved hometown grocer across our communities,” said Joseph Canfield, who serves as Yellow Banana’s CEO.

Save A Lot executive vice president and chief merchandising officer Chriss Hooks said he was thrilled to have the Yellow Banana team join the Save A Lot network.

“Their mindset and commitment to service, together with Save A Lot’s mission of providing convenient access to high-quality foods, will be a winning combination,” Hooks said. “Their near-term investment to substantially and visibly upgrade all stores will only further lead to a profound impact on how customers enjoy the Save A Lot experience for many years to come.”

Corbel Capital Partners served as financing partner and Squire Patton Boggs served as legal counsel to 127 Wall Holdings in connection with the transaction.