The announcement builds on the successful completion of a comprehensive recapitalization of the business and significant deleveraging of the company’s balance sheet in early 2020. The sale of the Tampa stores to Fresh Encounter is part of an ongoing re-licensing program through which Save A Lot intends to transition to a wholesale model by selling more than 300 corporate-operated locations to new and existing Retail Partners who will continue to operate the stores under the Save A Lot banner. The company will continue to operate 21 corporate stores locally in St. Louis, where it will continue to develop and launch new innovations as a testing ground to help its retail partners succeed in their individual communities across the country.
“We are excited to expand our partnership with Michael Needler and the Fresh Encounter team, who have been fantastic partners, strong operators and excellent ambassadors of the Save A Lot brand,” said Kenneth McGrath, Chief Executive Officer at Save A Lot. “Through the re-licensing transactions we are executing across our footprint, we believe that we will be even better positioned to continue to serve the communities in which we operate.”