MINNEAPOLIS--(BUSINESS WIRE)--SUPERVALU INC. (NYSE: SVU) today announced that Save-A-Lot, Inc., a wholly owned subsidiary of the Company, has filed Amendment No. 1 to its Form 10 Registration Statement (Form 10) with the U.S. Securities and Exchange Commission in connection with the possible spin-off of Save-A-Lot into a separate, publicly traded company. Among other changes, the amendment includes Save-A-Lot’s recent financial results and details the Company’s current expectations that immediately following a spin-off, SUPERVALU stockholders would directly own approximately 60 percent of the outstanding shares of common stock of Save-A-Lot and that SUPERVALU would retain approximately 40 percent of the outstanding shares of common stock of Save-A-Lot.
SUPERVALU announced in July 2015 that it was exploring a separation of its Save-A-Lot business, and that as part of that process it had begun preparations to allow for a possible spin-off of Save-A-Lot into a stand-alone public company. With the filing of Amendment No. 1 to the Form 10, SUPERVALU is continuing preparations to separate Save-A-Lot, although at this time there can be no assurance that a separation of Save-A-Lot will be completed or that any other change in the Company’s overall structure or business model will occur.
To review the Amendment No. 1 filing on the SEC’s web site, use this link.
About SUPERVALU INC.
SUPERVALU INC. is one of the largest
grocery wholesalers and retailers in the U.S. with annual sales of
approximately $18 billion. SUPERVALU serves customers across the United
States through a network of 3,588 stores composed of 1,796 independent
stores serviced primarily by the Company’s food distribution business;
1,360 Save-A-Lot stores, of which 897 are operated by licensee owners;
and 200 traditional retail grocery stores (store counts as of
February 27, 2016). Headquartered in Minnesota, SUPERVALU has
approximately 40,000 employees. For more information about SUPERVALU
visit www.supervalu.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
Except for the historical and factual information contained herein, the matters set forth in this news release, particularly those pertaining to SUPERVALU’s expectations, guidance, or future operating results, and other statements identified by words such as “estimates,” “anticipates,” “expects,” “projects,” “plans,” “intends” and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including uncertainties as to the terms, timing or structure of any separation transaction and whether one will be consummated at all, the impact of any separation transaction on the businesses of SUPERVALU and the Save-A-Lot business on a standalone basis if the separation were to be completed, whether the operational and strategic benefits of a separation can be achieved and whether the costs and expenses of the separation can be controlled within expectations. Other factors include competition, ability to execute operations and initiatives, ability to realize benefits from acquisitions and dispositions, reliance on wholesale customers and licensees ability to grow or maintain identical store sales, ability to maintain or increase margins, substantial indebtedness, labor relations issues, escalating costs of providing employee benefits, relationships with Albertson’s LLC, New Albertson’s, Inc. and Haggen, intrusions to and disruption of information technology systems, impact of economic conditions, commodity pricing, governmental regulation, food and drug safety issues, legal proceedings, pharmacy reimbursement and health care financing, intellectual property protection, severe weather, natural disasters and adverse climate changes, disruption to supply chain and distribution network, changes in military business, adequacy of insurance, volatility in fuel and energy costs, asset impairment charges, fluctuations in our common stock price and other risk factors relating to our business or industry as detailed from time to time in SUPERVALU's reports filed with the SEC. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, SUPERVALU undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
