Sunday, April 14, 2024

8 Farm Fresh stores in Virginia Beach, Norfolk to be sold

The Farm Fresh on Great Neck Road is among stores to be sold. (File photo/Southside Daily)
The Farm Fresh on Great Neck Road is among stores to be sold. (File photo/Southside Daily)

VIRGINIA BEACH — Five Farm Fresh stores in Virginia Beach and three in Norfolk are being purchased by rival grocers. Pharmacies and places to get prescriptions filled at these locations are also being transferred.

Parent company SuperValu, Inc. announced Wednesday evening it will sell 21 of its 38 Farm Fresh stores, according to a news release. The stores are located in eastern Virginia and Elizabeth City, North Carolina.

Three different retailers – Kroger, Harris Teeter and Food Lion – will purchase the Farm Fresh locations for a combined $43 million.

Food Lion is purchasing the Farm Fresh on General Booth Blvd in Virginia Beach, Harris Teeter will buy four locations in Virginia Beach and two in Norfolk, the remaining stores will be purchased by Kroger.

A number of pharmacies and places where prescriptions are being sold are also being transferred. Three Virginia Beach and two Norfolk pharmacies are being transferred to a Rite Aid location. The Virginia Beach pharmacy on Princess Anne Road is being transferred to the CVS Pharmacy at4500 Princess Anne Road. Customers who use the pharmacy on North Military Highway in Norfolk and Diamond Spring Road in Virginia Beach are expected to be notified within the next seven to ten days where the new location for these pharmacies will be.

The transactions are expected to close in May, according to the release, and the inventory at the affected stores will be liquidated.

SuperValu President and CEO Mark Gross said the decision will allow the company to allocate more resources to their wholesale operations.

“We are confident our efforts are driving growth and enhancing our competitive position,” Gross said. “This decision was not taken lightly given the impact on our employees and the communities we serve, but we strongly believe this decision is in the best long-term financial and strategic interest of our business. Our leadership team and board of directors remain committed to taking proactive steps to transform our business and drive stockholder value.”

Farm Fresh was founded in 1957 and has operated in Virginia for 60 years. The company currently employs about 3,300 associates. SuperValu employs around 31,000 people across more than 3,300 stores nationwide, under five different retail companies.

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