One of the Philadelphia region’s biggest supermarket chains is changing ownership.
Supervalu Inc. says it reached a deal to sell ACME and four of the company’s other biggest grocery chains -- Albertsons, Jewel-Osco, Shaw's and Star Market -- for $100 million in cash plus more than $3 billion in debt.
The sale to AB Acquisition, an investor group led by Cerberus Capital Management, will include 877 stores -- 108 of those are ACME stores in Pennsylvania (47), New Jersey (49) and Delaware (12).
The group will acquire the stores for $100 million in cash, and the new company will assume $3.2 billion in existing debt.
Following the sale, Supervalu will consist of a food wholesaler, Save-A-Lot, and regional chains Cub, Farm Fresh, Shoppers, Shop `n Save and Hornbacher's.
Supervalu said grocery retail veteran Sam Duncan will replace CEO and Chairman Wayne Sales after the sale.
The supermarket industry has had a tough go of it as they try to compete with big-box retailers including Target and Wal-Mart as well as drug store chains and even dollar stores.