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CHICAGO -- The new owner of Supervalu's Cub Food stores here will close four of the units next month, marking the first ripple effects in the market from the sale of Albertsons.
As part of its $9.8 billion cash and stock deal to buy the Boise-based Albertsons, Supervalu agreed in January to sell 24 Chicago area Cub Foods stores to a third party to avoid antitrust concerns.
New York-based Cerberus Capital Management, Cub's new owner, will close four stores by June 24. They are at 7200 S. Cicero Ave. in Bedford Park; 112 W. 87th St. in Chicago; 2639 Aurora Ave. in Naperville; and 100 S. Randall Rd. in Algonquin.
In March, the Federal Trade Commission approved the Albertsons deal, which is expected to close in mid-June. Once transaction is complete, Supervalu will take over 1,124 stores under the Albertsons, Acme Markets, Bristol Farms, Jewel-Osco, and Shaw's Supermarkets banners for a total of 2,656 stores nationwide. The other buyers, led by Cerberus Capital Management, will acquire 655 stores in Texas, California, Florida, the Rocky Mountains and the Southwest. In addition, Woonsocket, R.I.-based CVS is purchasing about 700 stand-alone Sav-on and Osco Drugstores and a distribution center in La Habra, Calif., for $2.93 billion in cash and will also acquire real estate interests in the drug stores for $1 billion.