Tags: supervalu | supermarket | food | retail

Supervalu to Close 60 Stores Amid Three-Year Sales Slump

Wednesday, 05 Sep 2012 04:54 PM

 Supervalu Inc., owner of the Albertsons and Save-A-Lot grocery-store chains, said it will close 60 stores as it copes with slumping sales.

The closings will result in a pretax charge of as much as $90 million in its fiscal 2013, the Eden Prairie, Minnesota- based company said Wednesday in a statement. The stores to be closed include 22 Save-A-Lot locations.

Supervalu has been eliminating jobs and cutting prices on food to keep pace with big-box retailers, such as Wal-Mart Stores Inc., and dollar stores. In July, the third-largest U.S. grocery chain, which has seen three straight years of revenue declines, said it was conducting a strategic review of alternatives for the business and suspended its dividend.

Supervalu rose 3.1 percent to $2.35 at 4:15 p.m. in New York. The shares had tumbled 72 percent this year through the close of regular trading Wednesday.

© Copyright 2017 Bloomberg News. All rights reserved.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved