Supervalu shareholders approve new structure in selling off retail units

The shareholders of Eden Prairie, Minn.-based Supervalu approved a reorganization of the company that may expedite the sale of its remaining retail brands, reported the Minneapolis StarTribune. In July, the retailer announced it was being acquired by Providence, R.I.-based grocery wholesaler United Natural Foods in a move that would create one of the nation’s largest food distributors.

The deal will combine SuperValu’s conventional grocery expertise with United Natural Foods’ emphasis on natural and organic products. When announcing the news July 26, SuperValu said the combined firm plans to divest SuperValu’s retail assets “in a thoughtful and economic manner.”

SuperValu offers several private brand lines, including Wild Harvest, and has retail holdings including Cub Foods, Hornbacher’s, Shoppers Food and Pharmacy.

Because the sale will likely be approved at a later date, shareholders last week overwhelmingly re-elected SuperValu’s current directors, the report said.