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Wednesday, Sep 5
2012, 4:38 PM
Struggling Supervalu (SVU) says it will shut down 60 underperforming/non-strategic stores - 38...
Struggling Supervalu (SVU) says it will shut down 60 underperforming/non-strategic stores - 38 regular grocery stores, and 22 Save-A-Lot stores - by the end of this fiscal year (ends Feb. '13). The company expects to record an $80M-$90M pre-tax charge (mostly non-cash) related to the move, and a gain of $10M on asset sales. Cash savings are expected to total $35M within 12 months, and $80M-$90M over the next 3 years. Shares +3.1% AH. (labor issues)