The Woodbury Rainbow Foods store will be one of three metro-area grocery stores set to become a Byerly's.

Lund Food Holdings Inc. announced Wednesday that the company has signed a purchase agreement with Roundy's Supermarkets Inc. -- the parent company of Rainbow -- to buy stores in Woodbury, Eden Prairie and Plymouth.

Newsletter signup for email alerts

The sale should be finalized within 60 to 90 days, according to a news release. The three-store purchase price was not disclosed.

Sale of the Woodbury store, located on Valley Creek Plaza, will include its in-house liquor store. 

The release states all of the approximately 250 Rainbow workers will be able to continue employment through Lund Food Holdings.

“We’re committed to growth and development for the benefit of our team and customers in the communities we’ll be serving,” Tres Lund, president and CEO of Lund Food Holdings, said in the release. “We’re deeply excited to have the opportunity to bring our brand of quality, service and expertise to these communities.”

The purchase comes as the Lund company commemorates its 75th anniversary. The company operates 12 Lunds stores, 11 Byerly's and one Lunds & Byerly's Kitchen in the Twin Cities area.