Supervalu seeks bids for whole company, despite buyer interest in pieces

Supervalu Inc. advisers are asking potential buyers to bid for the entire business even as several suitors have inquired about individual parts of the grocery company, according to people with knowledge of the matter.
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Supervalu Inc. advisers are asking potential buyers to bid for the entire business even as several suitors have inquired about individual parts of the grocery company, according to people with knowledge of the matter.

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Supervalu to open books for potential buyers

The troubled Eden Prairie-based grocery-store chain is expected to provide prospective buyout firms financial information later this week, the Wall Street Journal reports. Last week, Supervalu hired Goldman Sachs to explore selling either part or all of its supermarket operations after it reported a plunge in quarterly profit.

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Supervalu Inc., owner of Cub Foods and other prominent chains, has posted a loss of $111 million in its fiscal second quarter, compared to a profit of $60 million a year earlier, the Star Tribune reports. The struggling Eden Prairie-based supermarket chain also reported its same-store sales fell 4.3 percent from the same period a year ago.

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Eden Prairie-based Supervalu is restructuring its management team in attempt to make a comeback. The grocery store chain is up against tough competition and recent attempts to attract shoppers with lower prices have not been successful. Late last month, the chain fired its CEO just weeks after reporting a dismal fiscal first quarter.

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Eden Prairie-based Supervalu Inc. has inked a deal to sell its supermarket distribution center near Kenosha, Wis., to Meijer Inc., a Michigan-based retailer and grocer, the Milwaukee Journal Sentinel reports. Terms of the deal were not released. Supervalu is set to move out of the 580,000-square-foot facility by 2013.

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