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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
07/28/201516:37:44Quarterly Report (10-q)
07/28/201514:11:09Supervalu to Consider Spinoff of Save-A-Lot -- Update
07/28/201510:40:15Supervalu to Consider Spinoff of Save-A-Lot
07/28/201510:32:07Supervalu to Consider Spinoff of Save-A-Lot
07/28/201509:35:00Grocery Stores Equities Ahead of Market -- Kroger, SUPERVALU...
07/28/201508:21:06Current Report Filing (8-k)
07/28/201508:02:00SUPERVALU to Explore Separating Its Save-A-Lot Business
07/28/201508:00:00SUPERVALU Reports First Quarter Fiscal 2016 Results
07/23/201516:11:19Current Report Filing (8-k)
07/23/201510:47:15Initial Statement of Beneficial Ownership (3)
07/20/201517:30:00SUPERVALU Announces Fiscal 2016 First Quarter Conference Call
06/22/201516:08:38Additional Proxy Soliciting Materials (definitive) (defa14a)
06/17/201517:00:00SUPERVALU to Present at Oppenheimer 15th Annual Global Consumer...
06/15/201517:04:51Additional Proxy Soliciting Materials (definitive) (defa14a)
06/09/201516:37:54Additional Proxy Soliciting Materials (definitive) (defa14a)
06/09/201516:32:39Proxy Statement (definitive) (def 14a)
05/18/201511:25:43Statement of Changes in Beneficial Ownership (4)
05/18/201511:25:13Statement of Changes in Beneficial Ownership (4)
05/18/201511:25:13Statement of Changes in Beneficial Ownership (4)
05/18/201511:25:13Statement of Changes in Beneficial Ownership (4)

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