{"id":1004096334,"date":"2014-05-09T20:42:09","date_gmt":"2014-05-10T04:42:09","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=260356"},"modified":"2022-12-07T20:27:20","modified_gmt":"2022-12-08T04:27:20","slug":"roundys-announces-sale-of-18-rainbow-stores-and-full-exit-from-minneapolisst-paul-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/roundys-announces-sale-of-18-rainbow-stores-and-full-exit-from-minneapolisst-paul-market\/","title":{"rendered":"Roundy\u2019s Announces Sale of 18 Rainbow Stores and Full Exit from Minneapolis\/St. Paul Market"},"content":{"rendered":"<p><em>By Gabriel Circiog, Associate Editor<\/em><\/p>\n<p>Roundy\u2019s Inc. recently announced the decision to fully exit the Minneapolis-St. Paul market. The company entered into definitive agreements to sell 18 Rainbow stores in the Minneapolis-St. Paul market to a group of local grocery retailers, including Supervalu Inc. <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/Rainbow-Store.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-260357\" title=\"Rainbow Store\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/Rainbow-Store.jpg\" alt=\"\" width=\"275\" height=\"180\" \/><\/a><\/p>\n<p>The aggregate sale price for the properties is approximately $65 million in cash. The proceeds from inventory that will be sold at the closing of the transaction will be added to that sum. As per the agreements, the buyers will assume the lease obligations and certain multi-employer pension liabilities related to the acquired stores. Subject to satisfaction or waiver of closing conditions in the definitive agreements, the transaction for the 18 stores is expected to close during the third quarter. The sale proceeds from the transaction will be used to pay down borrowings under its term loan and asset-based revolving credit facility. Moelis &amp; Co. is acting as Roundy\u2019s exclusive financial advisor for the transaction.<\/p>\n<p>Observed Chairman, President &amp; CEO Robert Mariano: \u201cThe economic downturn over the last few years, coupled with an increased competitive footprint in the Minneapolis-St. Paul market, has made it difficult for Roundy\u2019s to keep the Rainbow banner competitive. However, we believe the sale of these Rainbow stores to this group of local operators will provide those stores better stewardship in serving their communities in the Minneapolis-St. Paul market going forward. The transaction will also allow us to better focus strategically on growing our Mariano\u2019s banner in the Chicago market and strengthen our business in our core Wisconsin markets.\u201d<\/p>\n<p>Roundy\u2019s is also currently seeking additional buyers for its remaining nine Rainbow stores and ultimately plans to either sell or close those remaining stores and fully exit the Minneapolis-St. Paul market.<\/p>\n<p><em>Photo Courtesy of: www.rainbowfoods.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Roundy&rsquo;s Inc. recently announced that it has decided to fully exit the Minneapolis \/ St. Paul market. The company has entered into definitive agreements to sell 18 Rainbow stores in the Minneapolis \/ St. Paul market to a group of local grocery retailers, including Supervalu Inc.<\/p>\n","protected":false},"author":264,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36076,21742],"tags":[1815],"class_list":["post-1004096334","post","type-post","status-publish","format-standard","hentry","category-minneapolis-st-paul","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Roundy\u2019s Announces Sale of 18 Rainbow Stores and Full Exit from Minneapolis\/St. Paul Market - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/roundys-announces-sale-of-18-rainbow-stores-and-full-exit-from-minneapolisst-paul-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Roundy\u2019s Announces Sale of 18 Rainbow Stores and Full Exit from Minneapolis\/St. Paul Market\" \/>\n<meta property=\"og:description\" content=\"Roundy&rsquo;s Inc. recently announced that it has decided to fully exit the Minneapolis \/ St. Paul market. The company has entered into definitive agreements to sell 18 Rainbow stores in the Minneapolis \/ St. Paul market to a group of local grocery retailers, including Supervalu Inc.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/roundys-announces-sale-of-18-rainbow-stores-and-full-exit-from-minneapolisst-paul-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-05-10T04:42:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T04:27:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/Rainbow-Store.jpg\" \/>\n<meta name=\"author\" content=\"Gabriel Circiog\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/roundys-announces-sale-of-18-rainbow-stores-and-full-exit-from-minneapolisst-paul-market\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/roundys-announces-sale-of-18-rainbow-stores-and-full-exit-from-minneapolisst-paul-market\\\/\"},\"author\":{\"name\":\"Gabriel Circiog\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/dc807179924e7fea3aeab259237f45a5\"},\"headline\":\"Roundy\u2019s Announces Sale of 18 Rainbow Stores and Full Exit from Minneapolis\\\/St. Paul Market\",\"datePublished\":\"2014-05-10T04:42:09+00:00\",\"dateModified\":\"2022-12-08T04:27:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/roundys-announces-sale-of-18-rainbow-stores-and-full-exit-from-minneapolisst-paul-market\\\/\"},\"wordCount\":311,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/roundys-announces-sale-of-18-rainbow-stores-and-full-exit-from-minneapolisst-paul-market\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/05\\\/Rainbow-Store.jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"Minneapolis-St Paul\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/roundys-announces-sale-of-18-rainbow-stores-and-full-exit-from-minneapolisst-paul-market\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/roundys-announces-sale-of-18-rainbow-stores-and-full-exit-from-minneapolisst-paul-market\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/roundys-announces-sale-of-18-rainbow-stores-and-full-exit-from-minneapolisst-paul-market\\\/\",\"name\":\"Roundy\u2019s Announces Sale of 18 Rainbow Stores and Full Exit from Minneapolis\\\/St. Paul Market - 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