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United Natural Foods Sells 13 Stores, Will Close Another 4

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United Natural Foods Sells 13 Stores, Will Close Another 4

Food wholesaler and grocery store operator United Natural Foods Inc (NYSE: UNFI) said Friday that it will sell 13 of its Shoppers Food & Pharmacy stores and close another four stores.

United Natural Sells Stores 

United Natural said it will sell 12 stores in Maryland and another in Virginia to three unnamed grocery operators.

Two of the three buyers have already secured agreements with United Natural to serve as its primary supplier of grocery food, the company said. 

In addition to the store sales, United Natural said it decided not to renew three store leases. Another lease will be cancelled according to an agreement with the landlord.

The announcement marks a continuation of store closures, as United Natural is divesting stores it controls as part of the Supervalu acquisition.

United Natural Searches For Buyers For Remaining Stores 

United Natural's retail arm hasn't performed well in recent years, and the company is committed to shedding assets to accelerate its business transformation and better allocate resources to long-term growth projects, Chairman and CEO Steven Spinner said in a statement. 

The remaining 26 stores will continue operating as usual, but the company continues to search for buyers.

The stock was trading 0.41% higher at $9.74 at the time of publication Monday. 

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Posted-In: Cub Foods food Grocery retail Shoppers Food & Pharmacy SuperValuM&A News

 

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