Save A Lot Expands Partnership With Yellow Banana, Announces Sale of Six Stores in Florida and Texas; Tim Schroder, Joseph Canfield, and Ademola Adewale-Sadik Comment
DALLAS, TX & JACKSONVILLE, FL - The alliance between Save A Lot and Yellow Banana has once again been reinforced. Save A Lot announced the sale of six additional company-owned stores to Yellow Banana as it works to convert facilities to local ownership. The stores are located in Dallas, Texas, and Jacksonville, Florida, and the acquisition has facilitated their ability to stay open.
“We are delighted that Yellow Banana is growing its Save A Lot store count,” said Tim Schroder, Chief Sales and Marketing Officer at Save A Lot. “Their clear commitment to connecting the business to the local community and appetite for growing the business will ensure Save A Lot continues to serve customers for years to come.”
Yellow Banana is owned by 127 Wall Holdings, which was co-founded by Walker Brumskine, Ademola Adewale-Sadik, and Michael Nance. They are joined by seasoned operator and 127 Wall Co-Founder Joseph Canfield.
This news follows Yellow Banana’s September 2021 purchase of 32 Save A Lot stores in the Cleveland, Ohio; Chicago, Illinois; and Milwaukee, Wisconsin, metropolitan areas, bringing Yellow Banana’s total Save A Lot store count to 38 stores in five states.
“The Yellow Banana team has great confidence in the Save A Lot brand and format, and we look forward to delivering affordable, high-quality food to working families in the important Southern cities of Dallas and Jacksonville,” Yellow Banana Chief Executive Officer Joseph Canfield said.
For a complete list of the new locations now operating under Yellow Banana’s ownership in Texas and Florida, please click here.
Yellow Banana intends to employ all of the nearly 100 associates at these six stores and maintain their current wages, health insurance, and retirement benefits. Yellow Banana also plans to expand each store’s assortment of local and regional products and hire talent from local communities, a press release stated.
“We are excited to deepen our strong relationship with Save A Lot, and to expand our mission of tackling food deserts across the United States, through this extension of Yellow Banana’s operations into the promising Texas and Florida markets,” said Yellow Banana President Ademola Adewale-Sadik.
Each of the stores will also undergo a significant remodel in 2022 to fully reflect Save A Lot’s updated brand image. This will deliver an enhanced shopping environment both inside and outside the stores, including new décor, upgraded flooring and lighting, as well as updated produce cases. The company will seek to form new partnerships with local food pantries and other key community organizations.
Squire Patton Boggs served as legal counsel to 127 Wall in connection with the transaction.
Stay tuned as we wait to see what Save A Lot does next.