Save-A-Lot reportedly explores sale

Source: reuters, Wednesday, May 8, 2019

Save-A-Lot, the US discount grocer owned by private equity firm Onex Corp, is reportedly exploring a sale of all or part of itself, as it grapples with increased competition and a swelling debt load.

Save-A-Lot has hired investment bank PJ Solomon to explore a potential deal. The move comes as German discounters Lidl and Aldi are putting pressure on Save-A-Lot by expanding across the country, and big-box rivals such as Walmart cut prices. If a deal cannot be inked, Save-A-Lot will also consider options for reducing its debt pile.