The owner of Shaw's and Star Market is selling stores to Cerberus Capital Management.
Shaw's and Star Market agreed to sell several stores to Cerberus Capital Management as part of $3.3 billion deal, according to a report in the Boston Globe Thursday. Cerberus Capital Management is a private equity firm that also controls Steward Hospital Health Care System. Supervalu Inc. of Minnesota owns Shaw's and Star Market and is expect to sell 169 stores as part of the deal for $100 million in cash, while Cerberus will assume $3.2 billion in existing debt the Globe reports. While the Boston Herald wrote "no immediate changes are planned for the West Bridgewater-based Shaw’s and Star Market grocery chains," the paper reported the deal "prompted speculation that some Shaw’s and Star Markets could return to the block after the deal …
Shaw's and Star Market could be on the selling block, according to a report in the Boston Herald.
Saturday, July 14, 2012
A sale could in the future for the Shaw's and Star Market, according to a July 13 report in the Boston Herald. The parent company of the West Bridgewater-based Shaw's and Star Market chains has been struggling in its attempt to complete a turnaround. In effort to change the fortunes of the company, Minneapolis-based Supervalu Inc. said earlier this week it will cut its prices aggressively and eliminate $250 million in expenses in the next two years. Supervalu owns 4,400 stores across the country with $35 billion in annual sales. “These are bold but necessary moves which will position Supervalu for success in this increasingly competitive environment,” CEO Craig Herkert said in a statement. “While our shift to a fair price plus promotion …