Roundy's Wins Rainbow Auction
MINNEAPOLIS - Roundy's has emerged as the winner of an auction to acquire 31 Rainbow Foods supermarkets in the Twin Cities area from bankrupt Fleming Cos.
Pewaukee, Wis.-based Roundy's submitted a final auction bid about $2 million higher than the $82.5 million deal it announced last month to buy most of the Hopkins, Minn.-based chain.
On Tuesday Fleming rejected a higher bid for the Rainbow stores by Miner's Inc., based in Duluth, Minn. It also did not accept a bid for the Rainbow warehouse here. Roundy's announced that Dale Riley would head the Rainbow division. It also plans on keeping the Rainbow Foods banner.
Pewaukee, Wis.-based Roundy's submitted a final auction bid about $2 million higher than the $82.5 million deal it announced last month to buy most of the Hopkins, Minn.-based chain.
On Tuesday Fleming rejected a higher bid for the Rainbow stores by Miner's Inc., based in Duluth, Minn. It also did not accept a bid for the Rainbow warehouse here. Roundy's announced that Dale Riley would head the Rainbow division. It also plans on keeping the Rainbow Foods banner.