Cub Food closing Chicago-area grocery stores
Issue date: 10/9/06 Section: News Briefs
All 21 area Cub Foods stores will be closed and sold to other grocery store operators, Cub's owner said.
Oakbrook Terrace, Ill.-based New Cub Foods, said Monday that it intends to vacate the stores in the next eight weeks.
The move follows the company's sale in January to a private equity group led by New York hedge fund Cerberus Capital Management, part of a deal in which Jewel-Osco stores were sold to Supervalu and stand-alone Osco drugstores sold to CVS. Jewel-Osco's old owner, Albertson's, sold Cub Foods to avoid concerns that a new Jewel owner would dominate the Chicago market.
The company said 14 of the stores are being sold to Franklin Park-based Central Grocers Inc. and six to Grand Mart International Foods, a Washington, D.C.-based store operator specializing in Asian and Hispanic food items. The company said it hadn't yet found a buyer the remaining store.
The stores are expected to reopen under their new ownership in early 2007 as a variety of discount groceries, full-service supermarkets and Asian-themed grocery stores. The Strack & Van Til grocery store chain, which is owned by Central Grocers and operates 10 stores in Lake County, Ind., said it will remodel seven of the stores and reopen them as either Strack or Ultra Foods stores. Financial terms of the deals were not disclosed. Cub also has stores in Ohio, Iowa, Minnesota and Wisconsin.
Oakbrook Terrace, Ill.-based New Cub Foods, said Monday that it intends to vacate the stores in the next eight weeks.
The move follows the company's sale in January to a private equity group led by New York hedge fund Cerberus Capital Management, part of a deal in which Jewel-Osco stores were sold to Supervalu and stand-alone Osco drugstores sold to CVS. Jewel-Osco's old owner, Albertson's, sold Cub Foods to avoid concerns that a new Jewel owner would dominate the Chicago market.
The company said 14 of the stores are being sold to Franklin Park-based Central Grocers Inc. and six to Grand Mart International Foods, a Washington, D.C.-based store operator specializing in Asian and Hispanic food items. The company said it hadn't yet found a buyer the remaining store.
The stores are expected to reopen under their new ownership in early 2007 as a variety of discount groceries, full-service supermarkets and Asian-themed grocery stores. The Strack & Van Til grocery store chain, which is owned by Central Grocers and operates 10 stores in Lake County, Ind., said it will remodel seven of the stores and reopen them as either Strack or Ultra Foods stores. Financial terms of the deals were not disclosed. Cub also has stores in Ohio, Iowa, Minnesota and Wisconsin.
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dave
posted 4/12/07 @ 6:06 PM CST
Would anyone be able to assist me and let me know where each old Cub Foods is located. Would be greatly appreciated!!!!!!
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