Layoffs and Major Changes to Asset Portfolio for Supervalu
After much negotiation, Supervalu has reached a definitive agreement to sell off some of its assests to AB Acquisition, an affiliate of a Cerberus Capital Management L.P.-led investor consortium. The announcement was made Thursday.
The $3.3 billion agreement sells Albertsons, Acme, Jewel-Osco, Shaw’s, and Star Market, as well as Osco and Sav-on in-store pharmacies, to Cerberus. In addition, it also brings in former OfficeMax head Sam Duncan as the new Supervalu CEO and president.
Read the full story on the big sale.
While Supervalu is losing some of its brands, 117 of the company's Pleasant Prairie, WI workers will be losing their jobs soon. According to the Star Tribune, the company filed a layoff notice Tuesday with the Wisconsin Department of Workforce Development. The layoffs are said to start in March, and the center will close by May 1.
Eden Prairie Patch will continue to update readers on this business.
Global Investment Firm Pays Millions for Eden Prairie Multifamily Complex
Henderson Global Investors North America Inc. purchased Park at City West Apartments, 6426 City W. Parkway in Eden Prairie, from Cornerstone Real Estate Advisors Inc. for $35.6 million.
According to CorStarGroup.com, the four-story, 120,045-square-foot multi-family building was built in 1986 near the I-494 corridor. There are 288 units comprised of 18 studios, 114 one-bedroom and 156 two-bedroom apartments.
That means Henderson Global Investors has acquired the building for about $124,000 per unit.
Datalink to Present at Major Technology Investors Conference
Eden-Prairie's Datalink, a provider of data center infrastructure and services, will be one of the presenters at the 15th annual Needham Growth Conference Tuesday at the Palace Hotel in New York City.
According to Herald Online, President and CEO Paul Lidsky and Chief Financial Officer Greg Barnum will represent the company as presenters.
According to Daily Finance, the conference features public and private company presentations, Q&A sessions, and 1-on-1 meetings for qualified institutional investors and venture capital firms. This year's conference will focus on critical topics that will impact technology stock valuations in 2013 and beyond.
Recent Eden Prairie business news:
- Cerberus Says It's Close to Deal with Supervalu
- Supervalu Settles Suit Against Ex Executive: Eden Prairie Business Roundup
- Eden Prairie 3D Printing Company Stratasys Plans Merger
- Stratasys Printers Turn Concepts Into 3D Models
- D'Amico & Sons Closes After Problem With Lease
- SuperValu Reports Run on Twinkies: Eden Prairie Business Roundup