VIRGINIA BEACH, Va. — The owner of a supermarket chain primarily found in Virginia is selling off 21 of its 38 stores.
Minneapolis-based Supervalu said in a statement Wednesday evening that 20 Farm Fresh Food & Pharmacy grocery stores in Virginia and one in North Carolina will be sold for $43 million in cash.
Kroger’s Harris Teeter brand is acquiring 10 of the stores, while its Mid-Atlantic Division will acquire another eight. Food Lion has bought the remaining three, including the one in Elizabeth City, North Carolina.
The Virginian-Pilot reports that the chain dominated the Hampton Roads area for decades, but grew too quickly and found itself in the middle of a crowded market.
Supervalu says it’s still in discussions to potentially sell the remaining 17 stores to Farm Fresh employees and wholesale customers.
Information from: The Virginian-Pilot, http://pilotonline.com