Slimmed-down Supervalu posts bigger fourth-quarter loss

Author:
Updated:
Original:

Supervalu Inc. reported Wednesday a net loss of $1.41 billion in its fiscal fourth-quarter, compared to a loss of $424 million in the same period a year ago, Wall Street Journal reports.

The embattled Eden Prairie-based supermarket operator closed a $3.3 billion deal last month to sell five grocery chains to a group led by Cerberus Capital Management.

Supervalu's loss from discontinued operations for the quarter that ended in February was $1.23 billion, while losses from continuing operations widened to $179 million from $42 million a year earlier, according to RTTNews.com.

“This past quarter was largely about transitioning the company for the future, and I am proud of the many things we accomplished in my first sixty days,” CEO Sam Duncan said in a news release. “We have taken the necessary steps to right-size our corporate overhead and move specific responsibilities into our business segments."

In March, Supervalu announced it was eliminating roughly 1,100 corporate and regional office jobs across the country -- which includes about 600 Minnesota jobs.

Click here, to follow Supervalu's stock performance.

Next Up

skiing

MN ski areas will be open – but with changes – during 4-week shutdown

Some ski areas have already reopened for the season, others plan to open Thanksgiving weekend.

thanksgiving turkey

Thanksgiving foods to avoid giving to pets

The Animal Humane Society has shared its advice on keeping pets safe this Thanksgiving.

best buy

Best Buy reports massive rise in online, in-store sales

People turned to Best Buy to buy computers, home theater and appliances during the pandemic.

police tape, crime scene

Driver dies after being shot, crashing into cars in Minneapolis

The incident happened around 1:25 a.m. Tuesday.

coon rapids police department

1 man killed in shooting at Cub Foods parking lot in Coon Rapids

A man has been arrested in connection to the shooting.

Adam Thielen

Vikings place Adam Thielen on COVID-19/reserve list

Thielen is coming off a two-touchdown game against the Cowboys.

Related