You are here
CHICAGO - The Cub Foods banner's days are numbered here, as the operation, owned by New York-based Cerberus Capital Management LP, is selling its stores to regional grocers, according to local reports.
Of the 21 existing Chicago area's Cub stores, 14 will go to central Grocers Cooperative, while Grand Mart will pick up six; one store still has no buyer, according to a report yesterday on the Chicago Sun-Times' Web site.
(Story continues below.)
Cub Foods was sold in January to private equity players led by hedge fund Cerberus Capital Management of New York, as part of a deal in which Jewel-Osco stores were sold to Supervalu and stand-alone Osco drugstores sold to CVS. The new Cub Foods' owner closed four underperforming stores and 13 in-store pharmacies, and was expected to unload the rest as well.
Central Grocers will operate seven of the Chicago area's Cub Foods stores as Strack & Van Til grocery stores; four as Garden Fresh stores; and those in the western suburbs as Ultra discount grocery stores, according to the Sun-Times report.