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.
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