Supervalu (NYSE:SVU) is up 7.78% to $5.40 after announcing the sale of its Save-A-Lot business. Shares have traded as high as $5.49.
The company plans to use the part of the proceeds to pay off $750M of an outstanding term loan.
Beyond competing with other grocery store chains, Save-A-Lot scraps with dollar stores and Wal-Mart for market share in many geographic markets.
Previously: Supervalu unloads Save-A-Lot business for $1.365B (Oct. 17)
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