Missouri-based grocery store chain Save A Lot said it’s sold 32 company-owned stores around the Greater Cleveland, Greater Chicago and Greater Milwaukee areas to Yellow Banana LLC, a unit of 127 Wall Holdings.
Cleveland-based 127 Wall Holdings didn’t reveal the purchase price, but said the 32 stores generate annual revenue in excess of $130 million. The company said the 32 stores are located in “underserved, predominantly minority communities.”
“The philosophy that guides our collaboration with Save A Lot is centered on providing both food and job security to those communities that are most in need,” said Michael Nance, who co-founded 127 Wall Holdings with Walker Brumskine, Ademola Adewale-Sadik, and Joseph Canfield. The company said it will retain all 400 of the Save A Lot employees at the 32 stores.
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