Save-A-Lot seeks buyer
St. Ann, Missouri-based discount grocer Save-A-Lot is exploring the idea of selling all or part of its company as increased competition takes a toll on its corporate debt, according to Reuters.
According to the article, Save-A-Lot has hired investment bank PJ Solomon to explore a potential deal. The move comes as German discounters Lidl and ALDI are putting pressure on Save-A-Lot by expanding across the country, and big box rivals such as Walmart cut prices.
The chain’s profits have faltered in recent quarters as retailers including Walmart, Target Corp. and Costco Wholesale Corp, which also have grocery departments, put more items on sale to win customers, according to Reuters.
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