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Supervalu Sells Pittsburgh Units

MINNEAPOLIS-The 20 stores it is selling to independent operators could lead to a charge of $38 million to $43 million.

By Ian Ritter | Updated on September 06, 2005

MINNEAPOLIS-Grocer Supervalu is selling 20 of its corporate Shop ‘n Save stores in Pittsburgh to independent operators of units in the chain. Executives expect the transaction will lead to after-tax charges of $38 million to $43 million.

“By eliminating the split ownership of the Shop ‘n Save banner in the Pittsburgh market, Shop ‘n Save’s go-to-market strategy will be simplified,” says Jeff Noddle, Supervalu’s chairman and CEO, in a statement. Independent operators currently run 55 of the stores in the Pittsburgh area.

The charge per share the company will take as a result of the sales will be between 48 cents and 50 cents. As a result, diluted earnings per share for the year are forecast from $1.90 to $2.04 per share.

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