Supervalu in pay freeze at headquarters

Minneapolis -- Supervalu on Friday said it would implement a pay freeze for all employees at its corporate headquarters 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.