Nash Finch Company (Nasdaq: NAFC), a Minneapolis-based food distributor, announced today that U Save Foods, Inc., a Nash Finch wholly-owned subsidiary, has entered into an agreement to purchase the Bag ‘N Save supermarkets located in Omaha and York, Nebraska. A family-owned business with roots in the grocery business in Omaha going back to the early 1940’s, Bag ‘N Save was founded as a company in 1981. The transaction is expected to be completed by the second quarter of 2012.
“While the decision to sell the stores was a difficult one, we believe that there are many benefits for our employee associates, local suppliers, and the community at large,” commented Leon Shrago, owner of Bag ‘N Save. “With Nash Finch’s dedication towards assisting family-owned businesses, we believe they are the best fit as the new owners of Bag ‘N Save. And our customers can look forward to a seamless change since the same friendly faces everyone is so familiar with will continue to serve our customers in the stores. The stores will continue to be supplied by the Nash Finch distribution center located right here in Omaha.” Continuing, Shrago concluded, “I want to thank all of our devoted employees for their efforts in serving our customers, local and regional suppliers, and of course, our loyal shoppers for choosing Bag’N Save. We are confident that Nash Finch, as the new owner has recognized these important relationships and will continue to serve the community with high standards we have striven to reach in the past 30 years.”
Alec Covington, Nash Finch President and CEO added, “It is exciting for us to own the Bag ‘N Save stores and to continue the Shragos’ longstanding tradition of outstanding customer service. We look forward to welcoming Bag ‘N Save employees to the Nash Finch family.”
About Nash FinchNash Finch Company is a Fortune 500 company and one of the leading food distribution companies in the United States. Nash Finch’s core business, food distribution, serves independent retailers and military commissaries in 36 states, the District of Columbia, Europe, Cuba, Puerto Rico, the Azores, Bahrain and Egypt. The Company also owns and operates a base of retail stores, primarily supermarkets under the Econofoods®, Family Thrift Center®, AVANZA®, Family Fresh Markets®, Savers Choice™, Wally’s Supermarkets™ and Sun Mart® trade names. Further information is available on the Company's website at www.nashfinch.com.
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