SUPERVALU Announces Companywide Workforce Reduction

SUPERVALU Inc. (NYSE: SVU) today announced plans to reduce its national workforce by an estimated 1,100 positions. The final working dates for impacted employees vary, based on the needs of the business and the areas they support. The reductions include both current positions and open jobs that will not be filled.

“The decision to reduce our workforce, although difficult because of the impacts to our people, is the necessary next step in the rebuilding of our business,” said Sam Duncan, SUPERVALU’s president and chief executive officer. “This move is an important part of our strategy to be more focused and efficient in our operations, including how we staff and support our three business units going forward.”

Today’s announcement follows SUPERVALU’s recent sale of ALBERTSONS, JEWEL, ACME, and SHAWS/Star Markets, as well as the SAV-ON and OSCO in-store pharmacies, to AB Acquisition LLC. That transaction was completed on March 21, 2013. As a result, the remaining organization will require significantly fewer corporate and store support roles and functions making it important that the company restructure its operations and expenses accordingly.

The announcement affects nearly all company offices and crosses most departments within the organization. In general, store level employees and SAVE-A-LOT, the company’s hard-discount retail chain, are not affected by this announcement. Employees whose positions are eliminated will be offered severance and outplacement services based on SUPERVALU’s eligibility guidelines.

Going forward, SUPERVALU is a more focused and efficient wholesale and retail operation, with three key business units consisting of Independent Business, SAVE-A-LOT and five strong regional retail banners. These three business units provide SUPERVALU with a strong foundation and together are anticipated to generate more than $17 billion in revenues annually.

About SUPERVALU Inc.

SUPERVALU Inc. is one of the largest grocery wholesalers and retailers in the U.S. with annual sales of approximately $17 billion. SUPERVALU serves customers across the United States through a network of approximately 3,470 stores composed of 1,950 independent stores serviced primarily by the Company’s food distribution business, 1,331 Save-A-Lot stores, of which 950 are operated by licensee owners; and 191 traditional retail grocery stores. Headquartered in Minnesota, SUPERVALU has approximately 35,000 employees. For more information about SUPERVALU visit www.supervalu.com.

Copyright Business Wire 2010

If you liked this article you might like

Markets Lose Ground Across the Board For First Time in 2018

Markets Lose Ground Across the Board For First Time in 2018

Stocks Fall on Report China Could Slow or Halt Investments in U.S. Debt

Stocks Fall on Report China Could Slow or Halt Investments in U.S. Debt

Running for the Hills? Some Bond Traders Are: Market Recon

Running for the Hills? Some Bond Traders Are: Market Recon

Bonds, Oil, Kodak, Nelson Peltz - 5 Things You Must Know Before the Market Opens

Bonds, Oil, Kodak, Nelson Peltz - 5 Things You Must Know Before the Market Opens

3 Pummeled Stocks to Buy for a Big 2018 Revival

3 Pummeled Stocks to Buy for a Big 2018 Revival