January 10, 2013 at 11:29 AM EST
Supervalu Selling 5 Grocery Chains In $3.3 Bil Deal
Supervalu (SVU) shares surged 14% Thursday morning after it said it will sell five of its supermarket chains to an investor group led by Cerberus Capital Management in a deal valued at $3.3 billion. Struggling Supervalu, third largest U.S. grocery store owner, announced the agreement after reporting it eked out a slim profit last quarter amid falling sales. The company also shook up its leadership as part of the realignment, naming retail grocery
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