UNFI Reaches Definitive Agreements to Sell 13 Shoppers Food Stores

Date : 12/06/2019 @ 12:30PM
Source : PR Newswire (US)
Stock : United Natural Foods Inc (UNFI)
Quote : 7.54  -0.3 (-3.83%) @ 12:59AM
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UNFI Reaches Definitive Agreements to Sell 13 Shoppers Food Stores

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PROVIDENCE, R.I., Dec. 6, 2019 /PRNewswire/ -- United Natural Foods, Inc. (NYSE: UNFI) ("UNFI" or the "Company"), today announced it has entered into definitive agreements to sell 13 of its 43 Shoppers Food & Pharmacy ("Shoppers") stores to three separate grocery operators. Each of the transactions is expected to close between mid-December and the end of February 2020, subject to customary closing conditions. In connection with the sale transactions, Shoppers intends to wind down operations at these locations, including the sale of any remaining inventory and closure of the stores prior to reopening under other banners.

UNFI will also close four additional Shoppers stores, which are expected to cease operations by the end of January 2020. UNFI made the decision to not renew the lease at three of these locations and the fourth is being cancelled pursuant to agreement with the landlord.

"Today's announcement reflects progress on our commitment to reduce UNFI's retail footprint and marks another step toward transforming UNFI into North America's premier food wholesaler," said Steven L. Spinner, UNFI Chairman and Chief Executive Officer. "We believe that exiting the retail business will further accelerate our business transformation and allow us to more appropriately allocate resources toward long-term growth initiatives."

A complete list of stores to be closed or sold under these agreements is included in the addendum to this press release. Shoppers locations not specifically identified in this announcement will remain open while UNFI continues to market for sale and operate these remaining stores.

Earlier this year, UNFI made the decision to close the 30 Shoppers pharmacies located in the stores and operated under the Shoppers banner, and sold the prescriptions and pharmacy inventories to CVS and Walgreens.

Mr. Spinner added: "We will continue to wind down our retail footprint in a strategic and thoughtful manner to achieve the goals previously outlined. As we do this, we greatly appreciate the loyalty of our associates and the tremendous service they have provided to our customers."

As part of the transactions, two of the buyers will enter into long-term agreements for UNFI to serve as the primary supplier of their acquired Shoppers locations under different banners. Founded in 1929, Shoppers serves the Baltimore, Washington, D.C., and northern Virginia communities.

The Food Partners, LLC advised UNFI on these transactions.

About United Natural Foods
UNFI is North America's premier food wholesaler delivering the widest variety of products to customer locations throughout North America including natural product superstores, independent retailers, conventional supermarket chains, ecommerce retailers, and food service customers. By providing this deeper 'full-store' selection and compelling brands for every aisle, UNFI is uniquely positioned to deliver great food, more choices, and fresh thinking to customers everywhere. Combined with SUPERVALU, UNFI is the largest publicly-traded grocery distributor in America. To learn more about how UNFI is Moving Food Forward, visit www.unfi.com. 

Contacts

For Investors:
Steve Bloomquist, Vice President, Investor Relations
952-828-4144
steve.j.bloomquist@unfi.com

For Media:
Jeff Swanson, Vice President, Corporate Communications and Media Relations
952-903-1645
jeffrey.s.swanson@unfi.com

LIST OF SHOPPERS STORES BEING SOLD OR CLOSED AS PART OF THIS ANNOUNCEMENT

Store Name

Address

City

State

Zip

Store Planned
Outcome

Alameda

5600 The Alameda

Baltimore

MD

21239

Sold

Anchor Square

6500 Eastern Ave

Baltimore

MD

21224

Sold

Annapolis

2371 Solomons Island Road

Annapolis

MD

21401

Sold

Brooklyn Park

5722 Ritchie Highway

Brooklyn Park

MD

21225

Sold

Bull Run

10864 Sudley Manor Drive

Manassas

VA

20109

Closing

Colmar Manor

3831 Bladensburg Road

Colmar Manor

MD

20722

Sold

Coral Hills

4801 Marlboro Pike

Capitol Heights

MD

20743

Sold

King Shop

7051 Martin Luther King Jr Highway

Landover

MD

20785

Sold

Lexington Park

22599 MacArthur Boulevard

California

MD

20619

Sold

Liberty Road

8212 Liberty Road

Baltimore

MD

21244

Closing

Oxon Hill

6111 Livingston Road

Oxon Hill

MD

20745

Sold

Potomac Yard

3801 Richmond Highway

Alexandria

VA

22305

Closing

Quarterfield

7858 Quarterfield Road

Severn

MD

21144

Closing

Rolling Valley

9274 Old Keene Mill Road

Burke

VA

22015

Sold

Takoma Park

6881 New Hampshire Avenue

Takoma Park

MD

20912

Sold

Waldorf

 1170 Smallwood Drive W

Waldorf

MD

20603

Sold

Wheaton

2201 Randolph Road

Wheaton

MD

20902

Sold

Cision View original content:http://www.prnewswire.com/news-releases/unfi-reaches-definitive-agreements-to-sell-13-shoppers-food-stores-300970431.html

SOURCE United Natural Foods, Inc.

Copyright 2019 PR Newswire

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