St. Cloud-based supermarket chain Coborn's is expanding further after agreeing to buy out grocery chain Marketplace Foods.
Coborn's announced in a press release Monday it is acquiring the grocery and liquor store chain, which has four stores in the western Wisconsin cities of Hayward, Menomonie, Rice Lake and St. Croix Falls.
"By expanding into Wisconsin and adding these four stores into the Coborn’s family, we are experiencing positive, strategic growth for our company," company president Chris Coborn said. "These four stores are beautiful – destination shopping experiences – and I’m excited to include them in the Coborn’s family of stores."
The four locations employ 400 people between them, who will be retained, as will the Marketplace Foods name.
The Business Journal notes that Coborn's owns a Save-a-Lot discount grocery store in Beloit, Wisconsin, but that most of its 50-plus grocery locations are in Minnesota, with a few stores in the Dakotas and Iowa.
The St. Cloud Times reports the family-owned Marketplace Foods approached Coborn's to buy them out, and that the purchase agreement was finalized Thursday.
The deal is expected to be completed by May 11, the newspaper notes. No information has been disclosed on how much Coborn's is spending on the buyout.
According to its website, Coborn's employs 7,400 people and its revenue last year stood at $1.2 billion.