MINNEAPOLIS — Supervalu here last week warned investors that its first-quarter earnings would be significantly below previous expectations, which some analysts suggested could accelerate an effort to sell off some operations. “The asset base needs repositioning and capital, and the environment remains challenging,” Karen Short, an analyst with Friedman, Billings, Ramsey & Co., New York, said in a research note. “In our view, the company should sell assets to de-lever.” She estimated ...

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