About America's Food BasketAmerica's Food Basket, LLC. is a cooperative which supports and unifies independent retail stores across the Northeast United States operating in New Jersey, New York, Connecticut, Rhode Island, and Massachusetts. The Company leverages the size of its purchases and merchandising operations to deliver the best cost and efficiencies for its member stores. The stores operating under three principle banners, America's Food Basket, Ideal Food Basket, and Superfi Emporium sell groceries and provide payment services at its independent member retail locations. The company also provides a line of grocery, dairy, and fresh products under its private label brand, Ideal Brands, which can be viewed on its webpage www.afbasket.com. 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 3,382 stores composed of 1,815 stores operated by wholesale customers serviced primarily by the Company's food distribution business; 1,370 Save-A-Lot stores, of which 888 are operated by licensee owners; and 197 traditional retail grocery stores (store counts as of September 10, 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 timing of the transition of the America's Food Basket stores and the resulting business impacts of this new supply agreement. 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.
SUPERVALU INC. (NYSE:SVU) and America's Food Basket (AFB) today announced that SUPERVALU has been selected by AFB as a grocery wholesaler and supplier. The parties have entered into a long-term agreement for SUPERVALU to supply the AFB member stores with traditional grocery products across a range of categories including meat, deli, bakery, grocery, fresh produce, frozen foods and dairy. SUPERVALU will distribute AFB's "Ideal Brands" as well as provide AFB stores with the ability to offer SUPERVALU's private brand products including Essential Everyday®, Wild Harvest®, and Culinary Circle®. Founded in 2007 and headquartered in Lake Success, New York, AFB is a regional cooperative serving 47 neighborhood stores located primarily in New York and parts of New England. AFB stores range in size from 5,000 to almost 20,000 square feet and deliver a diverse set of products to meet the needs of their local communities and customers. AFB stores operate under three primary banners: America's Food Basket, Ideal Food Basket and Superfi Emporium. "America's Food Basket is a terrific regional co-op that delivers a great neighborhood grocery experience for its customers," said Mike Stigers, Executive Vice President of SUPERVALU's Wholesale business. "Our plans to continue to grow SUPERVALU's wholesale business took another step forward today with the addition of America's Food Basket." SUPERVALU and AFB expect that a few of the 47 AFB member stores will have transitioned to SUPERVALU supply before the end of December 2016 with the balance of the remaining stores likely to transition to SUPERVALU supply during the first quarter of calendar 2017. "America's Food Basket is moving into our fourth year of growth while at the same time seeking opportunities to build our business by exploring new avenues for operational excellence," said Dan Cabassa, CEO, America's Food Basket. "We're pleased to announce this relationship with SUPERVALU as we believe it will help us deliver a great offering for our shoppers."