Jubilee Foods, 6 Others to be Sold to Miner's, Inc.
WALKER, Minn. -- Jubilee Foods here and Virginia, Minn.'s Festival Foods could soon be under new ownership thank to a tentative agreement reached for Miner's Inc. to buy the grocery stores, according to local reports.
Contingent on some due diligence, Miner's Inc., the owner of Super One Foods, would take over the stores in 30-60 days, Jim Miner Jr., Miner's v.p., was quoted as saying.
The anticipated sale involves three stores in Duluth, Minn., two in Superior, Minn., and one each in Walker and Virginia, Minn., that collectively employ some 450 associates. Current employees will continue to work under the same labor contract but will have to reapply for their jobs.
The pending ownership change will be the third in as many years for the Walker grocery store and the fourth in the last 12 years for the supermarket in Virginia.
Festival and Jubilee stores are owned by Plaza Holding Co. of Duluth. Plaza has been in the grocery business since 1983 and has become the second-largest grocer in the Duluth-Superior area.
"While this decision was difficult, market conditions have changed because of competitive pressures in the grocery business," said Perry Flemmen, a Plaza Holdings spokesman. "As a locally-owned retail grocery company, Miner's is best positioned to serve our customers and the community."
Miner's, based in Hermantown, Minn., owns 21 grocery stores in Minnesota, North Dakota, Wisconsin and Michigan under the names Super One, U-Save and Piggly Wiggly.
Contingent on some due diligence, Miner's Inc., the owner of Super One Foods, would take over the stores in 30-60 days, Jim Miner Jr., Miner's v.p., was quoted as saying.
The anticipated sale involves three stores in Duluth, Minn., two in Superior, Minn., and one each in Walker and Virginia, Minn., that collectively employ some 450 associates. Current employees will continue to work under the same labor contract but will have to reapply for their jobs.
The pending ownership change will be the third in as many years for the Walker grocery store and the fourth in the last 12 years for the supermarket in Virginia.
Festival and Jubilee stores are owned by Plaza Holding Co. of Duluth. Plaza has been in the grocery business since 1983 and has become the second-largest grocer in the Duluth-Superior area.
"While this decision was difficult, market conditions have changed because of competitive pressures in the grocery business," said Perry Flemmen, a Plaza Holdings spokesman. "As a locally-owned retail grocery company, Miner's is best positioned to serve our customers and the community."
Miner's, based in Hermantown, Minn., owns 21 grocery stores in Minnesota, North Dakota, Wisconsin and Michigan under the names Super One, U-Save and Piggly Wiggly.