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Supervalu sells 5 chains, keeps Cub

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Supervalu is selling five of its chains to an investor group in a deal valued at $3.3 billion including a big pile of debt, MPR reports.

In all, the struggling Minnesota-based grocery giant will be selling off 877 stores, although it has opted to keep its Cub Foods chain.

Supervalu plans to sell Albertsons, Acme, Jewel-Osco, Shaw's and Star Market stores and related Osco and Sav-on in-store pharmacies to the group Cerberus Capital Management.

After the sale, Supervalu will be left consisting of a food wholesaler, Save-A-Lot, and regional chains Cub, Farm Fresh, Shoppers, Shop 'n Save and Hornbacher's, the Associated Press noted.

The announcement of the deal Thursday ended months of speculation that the chains would be sold, the Chicago Tribune notes.

The Wall Street Journal reports Cerberus and some real estate firms would pay $100 million for the nearly 900 stores, and the deal includes $3.2 billion in debt, for the total enterprise value of $3.3 billion.

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