ST. LOUIS — The time was late 2016. The place: St. Louis. The problem: Save A Lot.
Saddled with debt, the national discount grocer was losing market share to big-box retailers like Walmart, regional players like Schnucks and Dierbergs and fellow small-format value stores like Aldi. Earlier that year, its Minnesota-based parent company, SuperValu Inc., had tried to spin off Save A Lot as a separate company. When that failed, SuperValu offloaded it for $1.4 billion to Onex Corp., a Canadian private equity firm, which promptly began searching for a new CEO who could turn things around.
They found that person in Kenneth McGrath.
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