as well. In 2012, SuperValu operated 2,505 food and food/drug combination stores, 878 in-store pharmacies, and 117 fuel centers and served as primary distributor to an additional 2,200 stores. SuperValu also supplied a network of independent retailers (often found in smaller cities) that sometimes use the SuperValu name. However, these stores were not owned by the company. SuperValu also franchised the Cub Foods and Save-A-Lot brands to independent retailers. The company operated on a strategy of effective and efficient food distribution, conducting its retail food operations through a total of 2,349 retail food stores that were supplied by 32 distribution centers. On July 11, 2012, after the close of trading, SuperValu reported net sales of $10.6 billion and net earnings of $41 million for the first quarter of fiscal year 2013, compared to net sales of $11.1 billion and net earnings for $74 million for the year-earlier period. Those results sent SuperValu shares down some 45% after the start of trading on July 12, 2012, and hurt performance of other outstanding SuperValu debt, including its high yield bonds and CDS (credit default swap). On July 30, 2012, Craig Herkert was let go as CEO of SuperValu, replaced with Wayne Sales. Sales was CEO of Canadian Tire from 2000 to 2006. In January 2013, the company announced it was selling the Acme Markets, Shaw's, and Jewel-Osco chains and their remaining Albertsons stores to Cerberus Capital Management for $100 million in cash with Cerberus assuming $3.2 billion in existing debt. SuperValu would keep its Cub, Farm Fresh, Shoppers Food & Pharmacy and Shop ‘n Save brands as well as its wholesale supply operation while the Acme, Shaw's, Star Market, and Jewel-Osco stores were reunited with Albertsons. The deal closed March 21, 2013. On March 14, 2018 Supervalu announced it would be closing 21 of its 38 Farm Fresh locations, selling 18 to Kroger and 3 to Food Lion. On January 13, 2013, Sam Duncan, who had retired as CEO of OfficeMax in 2011, was named CEO of SuperValu. Duncan announced his retirement in October 2015. In July 2016, it was announced that SuperValu had entered into a purchase agreement with Ahold and Delhaize Group for 22 Food Lion locations in Maryland, Pennsylvania, Virginia and West Virginia as part of the divestiture of stores to gain clearance from the Federal Trade Commission for the Ahold/Delhaize merger. The 22 stores were rebranded under the