Blackwells Comments on Supervalu Plan to Sell Some Farm Fresh Stores

NEW YORK–(BUSINESS WIRE)–Blackwells Capital LLC (“Blackwells”), an alternative investment management firm with ownership representing approximately 4.1% interest in Supervalu Inc. (NYSE:SVU) (“Supervalu” or the “Company”), today released a statement in response to the Company’s announcement that it has entered into agreements to sell 21 of its 38 Farm Fresh Food & Pharmacy (“Farm Fresh”) stores for approximately $43 million.

Jason Aintabi, Managing Partner at Blackwells, said, “Supervalu’s sale of approximately 10% of its retail locations is an incremental step in the right direction. It is unfortunate that it took substantial pressure from shareholders to motivate the company to act on this vital strategic imperative. The company still owns nearly 200 retail locations, which are depressing its valuation and being neglected by management. Our view remains that the divestiture of these assets must be a priority on the pathway towards a sustainable turnaround.”