Supervalu has deep roots in groceries
- January 10, 2013 - 9:04 PM
The company that is now Supervalu got its start in the 1920s and expanded rapidly in recent years.
1926: The Newell Co., which had built the Twin Cities' first modern grocery warehouse, merges with another local wholesaler to create Winston and Newell.
1953: Winston and Newell, now a multistate food distribution firm, is renamed Super Valu.
1967: Super Valu issues publicly traded stock.
1980: The company acquires Cub Foods, which becomes the Twin Cities' largest grocery retailer.
1992: Supervalu buys St. Louis-based Wetterau Inc., giving it the Shop 'N Save and Save-A-Lot banners.
1999: Supervalu buys Richfield Holdings, gaining retail chains in the Baltimore-Washington area.
2006: Supervalu buys most of Albertsons Inc. for $12 billion, making it one of the nation's largest grocery retailers, with stores from coast to coast. New markets include Southern California, Chicago, Philadelphia and New England. But the company takes on huge debt.
2009: Craig Herkert, an erstwhile Wal-Mart executive, succeeds retiring CEO Jeff Noddle, architect of the Albertsons deal. Recession is in full swing and lower-priced competition is battering Supervalu.
July 11, 2012: With Supervalu's performance going from bad to worse and its stock at historic lows, the firm puts itself up for sale in whole or in parts.
July 30, 2012: Herkert is terminated. Non-executive chairman Wayne Sales, former head of a large Canadian retailer, is named CEO.
Jan. 10, 2012: Supervalu announces $3.3 billion deal to sell its biggest chains to an investor group led by Cerberus Capital, a large private equity outfit. The company also announces tender offer by Cerberus for up to 30 percent of Supervalu at $4 per share.
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