US supermarket group Supervalu has confirmed that it will close 50 stores in a bid to cut costs.
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“[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.
The US’s third-largest grocery retailer posted a US$2.9bn loss in its third quarter, which ended 29 November, due to a $3.3bn non-cash charge related to the drop in its stock price.
The company booked sales of $10.2bn during the three-month period but posted a 0.5% decrease in same-store sales.
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