Cub Foods Could be Sold Beginning of Next Year
Just last year United Natural Foods, Inc. purchased Cub Foods from owner-at-the-time Supervalu for a whopping $3 billion. Now, UNFI is looking to sell Cub. And it looks like that will happen at the beginning of this next year.
UNFI CEO Steven Spinner said to analysists during a call last week, according to Supermarket News, “'We're working diligently to divest both Shoppers and Cub and have advisers fully engaged to push this forward.'" He went on to say that “'At Cub, we are also in a process and expect to have something to announce early in calendar year 2020.'"
Now I know nothing about owning a grocery store but this seems awfully quick. UNFI JUST bought Cub and now a year later they want to sell them? Seems weird to me.
Bring Me the News says Cub "has come under pressure from new entries to the market, like Iowa-based Hy-Vee, as well as the expansion of other chains including budget retailer Aldi." Maybe that's part of the reason they're being sold.
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