EDEN PRAIRIE, Minn. -- Minnesota-based retailer Supervalu Inc. is working with an adviser to consider options including a potential sale, according to people familiar with the matter.
Supervalu has more than 3,000 owned, franchised and independently-owned grocery stores across the country, including seven Hornbacher's grocery stores in Fargo and Grand Forks in North Dakota and Moorhead in Minnesota.
Its private label brands include Wild Harvest, for gluten-free diets, and Stone Ridge Creamery ice cream.
The company also has a distribution center in Fargo.
Supervalu is working with investment banks Lazard Ltd. and Barclays as it explores its options, the source said, asking not to be identified because the matter is confidential.
No final decision has been made and Supervalu may choose not to pursue a sale, said the people, who asked not to be identified as the details aren't public.
Supervalu shares ended up 9.3 percent at $16.75 on Friday, giving the company a market capitalization of $643 million.
A representative for Supervalu, based in Eden Prairie, Minn., didn't immediately respond to a request for comment.
Activist investor Blackwells Capital is waging a proxy fight at Supervalu and has nominated six directors for election at the company's annual meeting.