MINNEAPOLIS & VIRGINIA BEACH, Va. – SUPERVALU INC. announced Wednesday that it has entered three separate agreements to sell 21 of its 38 Farm Fresh Food & Pharmacy stores.
The stores will be sold for approximately $43 million in cash to Harris Teeter, Kroger Mid-Atlantic Division and Food Lion.
SUPERVALU will also continue discussions and explore potential transactions to sell the remaining Farm Fresh stores to current and prospective wholesale customers and certain Farm Fresh employees.
The agreements provide for:
- Ten stores being sold to Harris Teeter, including six in-store pharmacies and three fuel centers
- Eight stores being sold to Kroger Mid-Atlantic Division, including eight in-store pharmacies and four fuel centers
- Three stores being sold to Food Lion, including three in-store pharmacies
The Farm Fresh stores that Harris Teeter will purchase include:
- 2110 West Great Neck Rd., Virginia Beach, Va. 23451
- 521 Laskin Rd., Virginia Beach, Va. 23451
- 227 Fox Hill Rd., A01, Hampton, Va. 23669
- 179 West Ocean View Ave., Norfolk, Va. 23503
- 4511 John Tyler Hwy., Williamsburg, Va. 23185
- 3575 Shoulder Hill Bridge Rd., Suffolk, Va. 23435
- 1069 Independence Blvd., Virginia Beach, Va. 23455
- 1400 Kempsville Rd., #109, Chesapeake, Va 23320
- 730 West 21st St., Norfolk, Va. 23517
- 2129 General Booth Blvd., Virginia Beach, Va. 23454
The eight stores that Kroger will purchase include:
- 1401 North Main Street, Suffolk, Va.
- 2190 Coliseum Drive, Hampton, Va.
- 309 South Battlefield Boulevard, Chesapeake, Va.
- 6500-C George Washington Memorial Highway, Gafton (York County), Va.
- 1464 Mt. Pleasant Road, Chesapeake, Va.
- 1282 Smithfield Plaza, Smithfield, Va.
- 230 East Little Creek Road, Norfolk, Va.
- 7254 George Washington Highway, Hayes (Gloucester County), Va.
- 1615 General Booth Blvd., Virginia Beach, Va. 23454
- 608 Mercury Blvd., Hampton, Va. 23663
- 683 South Hughes, Elizabeth City, N.C. 27909
The transactions were unanimously approved by SUPERVALU’s board of directors and are expected to close in May 2018. The company is also working with a third party to liquidated the inventory at these Farm Fresh stores.
SUPERVALU has also entered into agreements to transfer pharmacy prescription files to other pharmacies in the area.
Farm Fresh was founded in 1957 and employs approximately 3,300 associates. It is headquartered in Mathews, North Carolina.