It has been found in a recent report that Supervalu Inc. (SVU) has realized significant ooze in its sales for the last three years. Thus, the Eden Prairie, Minnesota- based company has decided to bring some 60 stores of it to a closure.
The firm owns the Albertsons chains along with the grocery-store chains under Save-A-Lot, the report finds. And it has been told that most of the stores to face a shutter would be of the Albertsons chain. It will see some 27 locations closing.
Supervalu has also thought of reviewing its alternatives, while suspending its dividend. As per the findings, the decision has been taken so that the company remains in tandem with the big-box retailers such as Wal-Mart Stores Inc. (WMT) as well as with dollar stores.
“We are doing many things that are not business critical. We are doing many things that are not business critical”, said Wayne Sales, Chief Executive Officer.
It is being said that Save-A-Lot would experience the closure of 22 stores. While a number of jobs would be eliminated with the move, prices on foods have also been decided to be cut. All this is probably an indication that forthcoming sales do also not seem good, the report concludes.
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