Dive Summary:

• Cerberus Capital Management LP has agreed to purchase 30% of common stock at $4 per share in cash from Supervalu Inc., taking over its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market grocery stores.
• After transactions, valued at $3.3 billion, are completed, Cerberus Capital Management LP plans to place Sam Duncan, the former chairman and chief executive officer of OfficeMax Inc. as CEO of Supervalu Inc., which will maintain control of its Save-A-Lot stores.
• The third largest food retailer has garnered major interest from other buyers which include billionaire Ronald Burkle, as well as private- equity firms KKR and TPG Capital.

From the article:

"...The third-largest U.S. grocery chain has eliminated jobs and accelerated price cuts at stores as it struggles to keep pace with discounters including Wal-Mart Stores Inc. (WMT) and Target Corp. (TGT) Supervalu sales have fallen for three straight years and are forecast to drop 4.5 percent to $34.5 billion in its fiscal 2013, according to data compiled by Bloomberg.

“For Supervalu, specially the remaining business, there’s no signs at all of stabilization,” Scott Mushkin, an analyst at Jefferies & Co. in New York..."