Supervalu, the company that owns Acme supermarket stores, is selling several of its chains -- including Acme -- to an investor group for $3.3 billion.

Overall, Supervalu is selling nearly 900 stores across the country to an investor group led by Cerberus Capital Management. The investor group is paying $100 million in cash for the properties and assuming well over $3 billion in debt. Supervalu, which is facing intense competition from Wal-Mart, Target, and strong regional supermarket chains, will focus on its Save-A-Lot discount stores and smaller regional chains.