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Supervalu To Cut 800 Office Jobs By Feb 25 In Turnaround Effort

DOW JONES NEWSWIRES Supervalu Inc. (SVU) plans to eliminate about 800 corporate and regional office jobs by Feb. 25 as the supermarket operator continues its efforts to reduce overall operating costs. The company currently has about 135,000 employees and said the reductions will include both current positions and open jobs that won't be filled. Supervalu, whose brands include Albertsons, Save-A-Lot and Shaw's, has struggled with rising food costs and competition from lower-price rivals such as Kroger Co. (KR) and Safeway Inc. (SWY). Hoping to reverse persistent same-store sales declines, the company has been cutting costs and lowering grocery prices. "These reductions are necessary to help further strengthen and accelerate Supervalu's business turnaround in a very competitive marketplace," said Chief Executive and President Craig Herkert. Supervalu reported last month its fiscal third-quarter loss widened on larger writedowns and weaker sales, causing the company to lower its fiscal 2012 guidance for the second quarter in a row. And later that month, Fitch Ratings downgraded Supervalu's issuer default rating to B, one notch further into junk territory, citing the supermarket operator's continued sales declines, market share losses and pressured margins. -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

Stock News for Supervalu (SVU)
DateTimeHeadline
02/10/201614:46:01Amended Statement of Ownership (sc 13g/a)
02/08/201616:04:17Statement of Changes in Beneficial Ownership (4)
02/08/201616:03:22Initial Statement of Beneficial Ownership (3)
02/04/201608:06:47Current Report Filing (8-k)
02/04/201608:00:00SUPERVALU Completes Repricing, Amendment and Extension of Its...
02/03/201609:50:00Supervalu Names Mark Gross Chief Executive
02/03/201608:06:42Current Report Filing (8-k)
02/03/201608:00:00SUPERVALU Appoints Mark Gross President and Chief Executive Officer
01/13/201610:10:00Supervalu Revenue Falls More Than Expected
01/13/201609:41:00U.S. Hot Stocks: Hot Stocks to Watch
01/13/201608:19:10Current Report Filing (8-k)
01/13/201608:00:00SUPERVALU Reports Third Quarter Fiscal 2016 Results
01/08/201617:17:08Amended Statement of Ownership (sc 13g/a)
01/07/201615:30:00Supervalu Files Plans to Spin Off Save-A-Lot Division
01/07/201614:17:00SUPERVALU Announces Filing of Form 10 for Possible Spin-off of...
01/04/201617:00:00SUPERVALU Announces Fiscal 2016 Third Quarter Conference Call
01/04/201611:30:53Initial Statement of Beneficial Ownership (3)
12/28/201510:35:53Statement of Changes in Beneficial Ownership (4)
12/18/201509:37:29Initial Statement of Beneficial Ownership (3)
12/03/201507:51:41Current Report Filing (8-k)

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