Supervalu Inc struck a $3.3 billion deal to reduce its burdensome debt by selling five of its supermarket chains to an investor group led by Cerberus Capital Management LP, the No. 3 U.S. grocery store operator said on Thursday.Supervalu has been losing customers to rivals like Kroger Co and Wal-Mart Stores Inc. News of the pending asset sale sent its shares up more than 14 percent on the New York Stock Exchange.Supervalu said the sale includes 877 stores from the Albertsons, Acme, Jewel-Osco, Shaw's and Star Market chains as well as in-store pharmacies under the Osco and Sav-on names.The deal is seen as a real estate play for the buyer, which will spend $100 million in cash and take on $3.2 billion of Supervalu's debt.
The Kroger Co. is a retailer in the United States. Shares of KR remained unchanged at $25.55. In the past year, the shares have traded as low as $20.98 and as high as $27.11. On average, 4880210 shares of KR exchange hands on a given day and today's volume is recorded at 2830000.
SUPERVALU INC. (SUPERVALU) is a United States grocery channel. Shares of SVU traded higher by 14.14% or $0.43/share to $3.47. In the past year, the shares have traded as low as $1.68 and as high as $7.30. On average, 7395070 shares of SVU exchange hands on a given day and today's volume is recorded at 60789960.
Wal-Mart Stores, Inc. (Walmart) operates retail stores in various formats around globally. Shares of WMT fell by 0.31% or $-0.21/share to $68.36. In the past year, the shares have traded as low as $57.18 and as high as $77.60. On average, 8718170 shares of WMT exchange hands on a given day and today's volume is recorded at 11454308.
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