Supervalu to close 60 underperforming stores
Minneapolis -- Supervalu announced Wednesday it will close about 60 underperforming or nonstrategic stores in fiscal 2012. The closings include 22 Save-A-Lot locations, 27 Albertsons stores, four Acme stores and one previously announced Jewel-Osco.
The majority of the stores are expected to close before Dec. 1, which marks the end of the company’s fiscal 2013 third quarter.
"These decisions are never easy because of the impact a store closure has on our team members, our customers and our communities," said Wayne Sales, Supervalu chairman, president and CEO. "Today's announcement reflects our commitment to move with a greater sense of urgency to reduce costs and improve shareholder value."
The company owns the real estate for approximately one-third of the retail food stores being closed. Eight additional stores to be shuttered are yet to be identified and are slated to close by the end of Supervalu's fiscal year Feb. 23, 2013.