Supervalu, the US’s third-largest grocery retailer, is planning to close a number of stores in the coming quarter in a bid to cut costs, according to a report by just-food.
“We plan to undertake several cost-mitigation efforts in its upcoming fiscal quarter, including approximately 50 store closures across the company. The company is still working to finalise these plans,” a spokesperson for the food retailer told just-food.
Supervalu declined to comment on which stores will be closed or how many jobs will be lost.
Supervalu posted a US$2.9bn loss in its third quarter, which ended 29 November, due to a US$3.3bn non-cash charge related to the drop in its stock price.
The company garnered sales of US$10.2bn during the three-month period but posted a 0.5 per cent decrease in same-store sales.
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