Supervalu Inc. has completed the sale of its Albertsons, Acme, Jewel-Osco, Shaw's and Star Market stores to an investor group led by Cerberus Capital Management, the Star Tribune reports.
The embattled Eden Prairie-based supermarket giant announced the $3.3 billion deal to sell five of its retail chains earlier this year.
Supervalu will still own Cub Foods and four other smaller regional chains.
Retail veteran Sam Duncan, who was named president and chief executive officer of Supervalu in January, will lead the trimmed-down company.
“As we move forward, Supervalu will continue as one of the largest wholesale grocery providers in America serving nearly 2,000 independent retailers in 43 states; we plan to continue growing our hard discount Save-A-Lot format that includes over 1,300 stores nationwide; and we will operate five, strong regional retail banners," Duncan said in a news release. "I am pleased to be leading Supervalu during this time of change and strongly believe there is an exciting future ahead for us.”