Unable so far to sell the 79 Cub Foods stores it owns, United Natural Foods Inc. (UNFI) has found an alternative to glean cash from the supermarket chain.
UNFI Chief Executive Steve Spinner announced on Wednesday that it will sell the real estate of 15 Cub stores for $170 million. The sale represents 1.1 million square feet of retail space. It is expected to close by August.
As part of an agreement with the unidentified buyer, UNFI will then pay rent on the store spaces.
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