Supervalu Inc., the third-largest U.S. grocery chain, said it’s reviewing strategic alternatives for the business and suspended its dividend.

Chief Executive Officer Craig Herkert said in a statement Wednesday that the Eden Prairie, Minnesota-based company will also be pursuing “deeper and more structural cost savings initiatives.”

Supervalu last month announced plans to eliminate as many as 2,500 positions at its Albertsons unit. The reductions represented about 13 percent of staff across all 247 Albertsons stores in California and Nevada. Albertsons is the biggest retail chain in Supervalu’s family of grocery stores.

Supervalu fell 11 percent to $4.70 at 4:33 p.m. in New York. The shares had dropped 35 percent through the close of regular trading Wednesday.