SuperValu to Eliminate 1,100 Jobs
Its sales are down as competition with discount chains rises
Declining sales are leading to a round of layoffs at struggling supermarket chain Supervalu (NYSE:SVU).
The Minnesota-based chain said it will cut 1,100 workers — about 3.1% of its payroll — from its corporate and store offices. Supervalu noted that some jobs will be eliminated through attrition, Bloomberg noted.
Supervalu is looking to reduce expenses as it maneuvers to combat rising competition from discount chains like Target (NYSE:TGT) and Wal-Mart (NYSE:WMT).
The chain currently employs about 35,000 workers.
Last year, rumors circulated that a number of investment firms, including Kohlberg Kravis Roberts (NYSE:KKR), were looking at a possible acquisition of Supervalu.
Shares of Supervalu rose more than 1% in Tuesday midday trading.
Article printed from InvestorPlace Media, http://investorplace.com/2013/03/supervalu-to-eliminate-1100-jobs/.
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