The parent of Jewel-Osco said today it would sell that chain and several other businesses to an investor group led by Cerberus Capital Management L.P, reported Crain’s Chicago.
Jewel-Osco has about 180 stores, the vast majority in the Chicago area. The chain has about 25,000 employees.
In addition to Jewel-Osco, Eden Prairie, Minn.-based Supervalu is selling Albertsons, Acme, Shaw’s and Star Market stores and Osco and Sav-on in-store pharmacies to the investor group.
Besides New York-based Cerberus, the buyer group includes Kimco Realty Corp., Chicago-based Klaff Realty L.P., Lubert-Adler Partners and Schottenstein Real Estate Group, Supervalu said in a statement. The deal is valued at $3.3 billion, the company said.
Stock in Supervalu Inc. jumped, with shares up 16 percent shortly after the market opened.
Read more at Crain’s Chicago Business.