Dive Brief:
- United Natural Foods, Inc. has agreed to sell three Cub Foods locations to franchise partner Jerry’s Enterprises, a spokesperson for the grocery retailer and wholesaler confirmed Friday. Terms of the deal were not disclosed.
- The stores, in Minneapolis, Monticello and St. Anthony, Minnesota, will remain under the Cub banner. The Minneapolis/St. Paul Business Journal reported the transaction last week.
- UNFI’s decision to sell the supermarkets is connected with “Cub’s ongoing efforts to strengthen the business and become Minnesota’s No. 1 grocer,” the grocer said in an emailed statement.
Dive Insight:
UNFI concluded that selling the stores to Jerry’s will allow the grocery company to direct resources toward strengthening the Cub banner, the spokesperson indicated.
The company’s retail segment, which also includes East Coast chain Shoppers, has posted sagging sales in recent quarters.
“Jerry’s has a proven track record of operating high-performing Cub stores and delivering a great experience for shoppers, and this transition will allow for continued investment in these locations while supporting Cub’s efforts to build a stronger, more competitive network across Minnesota,” the spokesperson wrote in an email…