Supervalu fires CEO, names replacement - Bring Me The News

Supervalu fires CEO, names replacement

Supervalu has pushed out CEO Craig Herkert from the struggling Eden Prairie-based supermarket chain, the Associated Press reports. Chairman Wayne Sales will take on the roles of president and chief executive officer as Supervalu explores a possible sale of its operations following disappointing quarterly results.
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Supervalu has pushed out CEO Craig Herkert from the struggling Eden Prairie-based supermarket chain, the Associated Press reports. Chairman Wayne Sales will take on the roles of president and chief executive officer as Supervalu explores a possible sale of its operations following disappointing quarterly results.

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Supervalu offers top execs retention pay, options

The struggling Eden Prairie-based supermarket chain is trying to "retain and motivate key employees." Earlier this month, Supervalu suspended its dividend and is considering a sale of its operations. A regulatory filing shows CEO Craig Herkert, CFO Sherry Smith, executive vice president Janel Haugarth and EVP Andrew Herring were awarded non-qualified stock options and retention agreements as long as they stay with the company through 2014.

Supervalu posts another grim quarter, hints at potential buyers

Supervalu Inc., owner of Cub Foods and other prominent chains, has posted a loss of $111 million in its fiscal second quarter, compared to a profit of $60 million a year earlier, the Star Tribune reports. The struggling Eden Prairie-based supermarket chain also reported its same-store sales fell 4.3 percent from the same period a year ago.

Supervalu eliminating up to 2,500 positions in California, Nevada

Eden Prairie-based Supervalu said it will reduce its workforce by cutting supermarket-level jobs at its Albertson's stores in California and Nevada. Albertsons is the largest retail subsidiary of the Supervalu, with 247 stores in the western United States. Supervalu owns a dozen supermarket chains, including Cub Foods in the Twin Cities.

Supervalu to sell Midwest distribution center in Wisconsin

Eden Prairie-based Supervalu Inc. has inked a deal to sell its supermarket distribution center near Kenosha, Wis., to Meijer Inc., a Michigan-based retailer and grocer, the Milwaukee Journal Sentinel reports. Terms of the deal were not released. Supervalu is set to move out of the 580,000-square-foot facility by 2013.

Supervalu plunges nearly 50 percent

Shares of the Eden Praire-based grocery retailer fell to an all-time low Thursday following news late Wednesday the company is exploring options that include putting itself up for sale. Supervalu is the third largest grocery company in the country, but has not turned an annual profit in three years.

Supervalu to open books for potential buyers

The troubled Eden Prairie-based grocery-store chain is expected to provide prospective buyout firms financial information later this week, the Wall Street Journal reports. Last week, Supervalu hired Goldman Sachs to explore selling either part or all of its supermarket operations after it reported a plunge in quarterly profit.