Save-a-Lot Explores Sale
Save-a-Lot, a hard discounter based in St. Ann, Mo., is exploring a possible sale and has hired investment bank PJ Soloman, according to Reuters. Increased competition and debt is forcing Canadian owner Onex Corp. to explore its options. Onex purchased the chain from Supervalu for $1.4 billion in 2016.
Save-a-Lot, which recently lowered prices as part of a brand makeover and laid off staff in its corporate office, has about 1,230 stores and is the second-largest hard discount grocery chain in the country. It also recently hired former Lidl executive Kenneth McGrath as CEO.
Save-A-Lot operates corporate-owned and independent grocery stores. The company is No. 29 on Progressive Grocer's 2018 Super 50 list of the top grocers in the United States.
