ITASCA, Ill., May 15, 2017 /PRNewswire/ -- Jewel Foods Stores ("Jewel-Osco") announced today it has entered into an asset purchase agreement with Central Grocers, Inc. ("Central Grocers") to acquire 19 Strack & Van Til stores and other certain assets. Jewel-Osco will serve as the "stalking horse bidder" in a court-supervised sale process, which means Jewel-Osco was the initial bidder with which Central Grocers chose to negotiate prior to the auction of assets. The auction is expected to commence on June 2, 2017, assuming court approval of the bidding procedures.
Jewel-Osco, a wholly-owned subsidiary of Albertsons Companies, operates 186 stores across Illinois, Indiana and Iowa, and has been a fixture among Midwest grocers since 1899 when Frank Ross and Frank Skiff launched the Jewel Tea Company, selling tea and coffee door-to-door from horse-drawn wagons. The transaction, if completed, would expand the Jewel-Osco footprint further into Indiana where they currently operate 4 stores, and build upon Strack & Van Til's rich history of delivering quality, local products and an innovative shopping experience for their customers in the neighborhoods they serve. Jewel-Osco intends to extend offers of employment to substantially all of the current store employees as part of the transaction.
"We are excited to have the opportunity to grow the Jewel-Osco brand in the Midwest and welcome the Strack & Van Til team at those 19 stores to our Jewel-Osco family," said Doug Cygan, Jewel-Osco division president. "Our two companies share a rich history of serving customers in the Midwest as well as core beliefs in working hard to serve customers and deliver value every day on the finest quality fresh foods and local products."
Jewel-Osco does not expect to close any store locations as a result of the transaction, pending the outcome of the court-supervised sale process and customary regulatory approvals.
The transaction is subject to customary closing conditions, including approval from the Federal Trade Commission.
Stores included in the Asset Purchase Agreement:
- Strack & Van Til Market, 9632 Cline Ave, Highland
- Strack & Van Til Market, 2800 Calumet Ave, Valparaiso (North)
- Strack & Van Til Market, 2168 W US Highway 30, Valparaiso (South)
- Strack & Van Til Market, 12 Ridge Rd, Munster
- Strack & Van Til Market, 200 W Franciscan Dr., Crown Point
- Strack & Van Til Market, 10851 Broadway, Crown Point 2
- Strack & Van Til Market, 9825 Wicker Ave, Saint John
- Strack & Van Til Market, 2080 E Commercial Ave, Lowell
- Strack & Van Til Market, 1515 Us Highway 41, Schererville
- Strack & Van Til Market, 1600 Pioneer Trail, Chesterton
- Strack & Van Til Market, 9605 Lincoln Plaza, Cedar Lake
- Strack & Van Til Market, 861 S College Ave, Rensselaer
- Strack & Van Til Market, 7760 E Ridge Rd, Hobart
- Strack & Van Til Market, 999 W Old Ridge Rd, Hobart
- Strack & Van Til Market, 1836 Calumet Ave, Whiting
- Strack & Van Til Market, 115 Sibley St, Hammond
- Strack & Van Til Market, 4725 Indianapolis Blvd, East Chicago
- Town & Country Market, 1605 Calumet Ave, Valparaiso
- Town & Country Market, 6046 Central Ave, Portage
Jewel-Osco operates 186 stores in Illinois, Iowa and Indiana, and offers consumers the convenience of retail grocery and pharmacy services. Originally established in 1899, the company and its associates remain committed to the communities they serve. For more information about Jewel-Osco, visit www.jewelosco.com or www.jeweloscopharmacies.com
Mary Frances Trucco | email@example.com
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