Additionally, Supervalu management has forecast preliminary capital expenditures of about $1.1 billion this year after the two companies are combined. Throughout its chains the retailer will open about 110 stores, most of them Sav-A-Lot discount-grocery units, which will get 75 new stores. Last year the company opened 68 new stores and closed 85 locations, making its total store count 1,381 across its banners.

While Supervalu is about to complete the sizable transaction, earnings have dropped and sales have been stagnant as of late. During the company's fourth quarter, which ended Feb. 25, net earnings were $6 million, down from $92.9 million the same year-ago period. Net sales came in flat, at $4.6 billion, and year-over-year same-store sales fell 1.1%.

A number of factors contributed to the weaker quarter for the company. Among the causes are: the sale of its Cub Foods stores in the Chicago area; the disposition of its Deals dollar-store concept; plans to unload its Shop 'n Save Pittsburgh stores; and costs due to a supply chain growth initiative.

Overall, Supervalu management has also seen higher gas prices impact consumers at the company's discount supermarkets. "We are seeing higher average sales per customer," said Jeff Noddle, the retailer's chairman and chief executive officer, during a conference call.