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MINNEAPOLIS-Roundy’s Inc., the leading retail supermarket chain in Wisconsin, has agreed to acquire the 31-store Rainbow Foods chain in Minnesota from Fleming Cos., a Dallas-based company that in April filed for protection from creditors under Ch. 11 of the U.S. Bankruptcy code.

The sale price is $42.5 million plus the value of store inventories, estimated at approximately $40 million, and the assumption of capitalized leases, estimated at approximately $36 million. Roundy’s says it will be retaining all of the stores’ current employees. The transaction is subject to approval by the U.S. Bankruptcy Court in Wilmington, Delaware, but is expected to close in the next 60 days.

Fleming is a supplier of consumer package goods to independent supermarkets, convenience-oriented retailers and other retail formats around the country. Roundy’s is one of the nation’s oldest and largest food wholesale and retail companies, supplying about 800 supermarkets in fourteen states and posting annual sales approaching $4 billion. The company is owned by investment funds controlled by Chicago-based Willis Stein & Partners.

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