Supervalu Inc., the Minnesota-based company that owned Idaho's Albertsons stores for several years, closed Thursday on a deal to sell those stores to a group of investors that created the Boise-based Albertsons LLC, which will run the stores.
In a $3.3 billion transaction that included the sale of 877 stores, Supervalu sold Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and Osco and Sav-on in-store pharmacies to AB Acquisition LLC. That company is an affiliate of the same investor group that purchased Albertsons stores in several other states, outside of Idaho, when the Albertsons chain was split up and sold off in 2006.
Store operations will transfer overnight, with stores opening Friday under their new owners, Supervalu said.
Robert Miller, president and CEO of the Boise-based Albertsons LLC, will become Supervalu's new non-executive chairman of the board.
"We see great potential to improve operations, drive new energy and create a 'winning attitude' with our store-level associates, and earn back our customers' trust and business," Miller said when plans for the deal were first announced in January.
