SUPERVALU Files Amendment No. 1 to Form 10 for Possible Spin-off of Save-A-Lot Business
10 June 2016 - 7:18AM
Business Wire
SUPERVALU INC. (NYSE: SVU) today announced that Save-A-Lot,
Inc., a wholly owned subsidiary of the Company, has filed Amendment
No. 1 to its Form 10 Registration Statement (Form 10) with the U.S.
Securities and Exchange Commission in connection with the possible
spin-off of Save-A-Lot into a separate, publicly traded company.
Among other changes, the amendment includes Save-A-Lot’s recent
financial results and details the Company’s current expectations
that immediately following a spin-off, SUPERVALU stockholders would
directly own approximately 60 percent of the outstanding shares of
common stock of Save-A-Lot and that SUPERVALU would retain
approximately 40 percent of the outstanding shares of common stock
of Save-A-Lot.
SUPERVALU announced in July 2015 that it was exploring a
separation of its Save-A-Lot business, and that as part of that
process it had begun preparations to allow for a possible spin-off
of Save-A-Lot into a stand-alone public company. With the filing of
Amendment No. 1 to the Form 10, SUPERVALU is continuing
preparations to separate Save-A-Lot, although at this time there
can be no assurance that a separation of Save-A-Lot will be
completed or that any other change in the Company’s overall
structure or business model will occur.
To review the Amendment No. 1 filing on the SEC’s web site, use
this link.
About SUPERVALU INC.SUPERVALU INC. is one of the largest
grocery wholesalers and retailers in the U.S. with annual sales of
approximately $18 billion. SUPERVALU serves customers across the
United States through a network of 3,588 stores composed of
1,796 independent stores serviced primarily by the Company’s
food distribution business; 1,360 Save-A-Lot stores, of which 897
are operated by licensee owners; and 200 traditional retail grocery
stores (store counts as of February 27, 2016). Headquartered
in Minnesota, SUPERVALU has approximately 40,000 employees. For
more information about SUPERVALU visit www.supervalu.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995.
Except for the historical and factual information contained
herein, the matters set forth in this news release, particularly
those pertaining to SUPERVALU’s expectations, guidance, or future
operating results, and other statements identified by words such as
“estimates,” “anticipates,” “expects,” “projects,” “plans,”
“intends” and similar expressions are forward-looking statements
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially, including uncertainties as to
the terms, timing or structure of any separation transaction and
whether one will be consummated at all, the impact of any
separation transaction on the businesses of SUPERVALU and the
Save-A-Lot business on a standalone basis if the separation were to
be completed, whether the operational and strategic benefits of a
separation can be achieved and whether the costs and expenses of
the separation can be controlled within expectations. Other factors
include competition, ability to execute operations and initiatives,
ability to realize benefits from acquisitions and dispositions,
reliance on wholesale customers and licensees ability to grow or
maintain identical store sales, ability to maintain or increase
margins, substantial indebtedness, labor relations issues,
escalating costs of providing employee benefits, relationships with
Albertson’s LLC, New Albertson’s, Inc. and Haggen, intrusions to
and disruption of information technology systems, impact of
economic conditions, commodity pricing, governmental regulation,
food and drug safety issues, legal proceedings, pharmacy
reimbursement and health care financing, intellectual property
protection, severe weather, natural disasters and adverse climate
changes, disruption to supply chain and distribution network,
changes in military business, adequacy of insurance, volatility in
fuel and energy costs, asset impairment charges, fluctuations in
our common stock price and other risk factors relating to our
business or industry as detailed from time to time in SUPERVALU's
reports filed with the SEC. You should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this news release. Unless legally required, SUPERVALU undertakes
no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20160609006469/en/
SUPERVALU INC.For Investors:Steve Bloomquist,
952-828-4144Steve.bloomquist@supervalu.comorFor Media:Jeff
Swanson, 952-903-1645Jeffrey.Swanson@supervalu.com
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