Eden Prairie-based retailer Supervalu Inc. is working with an adviser to consider options including a potential sale, according to people familiar with the matter.
Supervalu operates more than 3,000 stores across the U.S., including under the Cub, Farm Fresh and Shop ‘N’ Save names.
Its private-label brands include Wild Harvest, for gluten-free diets, and Stone Ridge Creamery ice cream.
No final decision has been made and Supervalu may choose not to pursue a sale, said the people, who asked not to be identified as the details aren’t public.
Shares in the company jumped as much as 10 percent Friday, and closed at $16.75, up $1.43 or 9.33 percent.
Supervalu has a market valuation of about $623 million.
A representative for Supervalu didn’t immediately respond to a request for comment.
Activist investor Blackwells Capital is waging a proxy fight at Supervalu and has nominated six directors for election at the company’s annual meeting.