MINNEAPOLIS — Supervalu on Friday said it would implement a pay freeze for all employees at its corporate headquarters here and said it would also reduce or suspend matching contributions to workers’ 401(k) plans, effective next year.
“As we have stated during our last two earnings calls, we need to immediately take costs out of the business in order to fund our growth plans. As a result, Supervalu today announced changes to team member compensation and benefits, as they are the largest administrative expense,” the company said in a statement.
Read more: Shaw's to Cut 700 Store Workers
Supervalu has around 125,000 employees nationwide.
Supervalu said the changes would take effect in early 2013, “and we will continue to evaluate them based on the company’s business results.”
| Suggested Categories | More from Supermarketnews |
 |
|
|
|
