MINNEAPOLIS — Supervalu on Wednesday said it would close 50 struggling stores by next month and slash its capital budget for the coming fiscal year, as it continues to adjust to a rough economy. The news came as the retailer here reported a loss of $2.9 billion for the fiscal third quarter, which ended Nov. 29, impacted by a non-cash charge of $3.3 billion to reconcile the company’s book value to its beleaguered stock price. Excluding the adjustment, earnings were slightly above ...
REGISTER TO VIEW THIS ARTICLE - Register for a Free Account
Registering for content on Supermarket News will give youINSTANTaccess to invaluable articles and media content that industry professionals rely on. You will have access to our special reports, feature articles, and industry analysis. It’sFREE, easy and quick. What are you waiting for!In addition you will also receive complimentary access to the SN salary survey data tables.
Attention Paid Print Subscribers: While you have already been grantedfreeaccess to SNwe ask that youregister now.We promise it will only take a few minutes! Or visit your profile and add your print magazine account number and zip code.