Posted Wednesday, May 7, 2014 --- 11:46 a.m.
MILWAUKEE (AP) -- Roundy's is getting out of the Twin Cities market.
The Milwaukee-based grocery chain announced Wednesday it's selling 18 Rainbow stores in the Minneapolis/St. Paul area to local grocery retailers, including Supervalu Inc., for $65 million, plus the proceeds from inventory once the deal closes.
The Journal Sentinel (http://bit.ly/1lYF4EU ) says Roundy's is also looking for buyers for its nine remaining Rainbow grocery stores and expects to sell or close those stores and completely exit the Twin Cities market. Roundy's CEO Robert Mariano says increased competition in the market led to the decision to sell the Rainbow stores.
Roundy's operates 169 retail grocery stores and 114 pharmacies, under the Pick `n Save, Rainbow, Copps, Metro Market and Mariano's banners in Wisconsin, Minnesota and Illinois.
Copyright 2014: Associated Press
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