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.
"We have accomplished a number of steps since I became president and chief executive officer midway through the second quarter, including the successful refinancing of our credit facility, restructuring our executive leadership team, and announcing the closure of 60 stores," Supervalu CEO Wayne Sales, in a news release, said.
Meanwhile, Supervalu says it is "in active dialogue with several parties" as it looks to sell some or all of its supermarket operations, the Pioneer Press reports. Sales says the grocery giant "has received a number of indications of interest" from would-be buyers.
Supervalu also announced on Thursday that Janel Haugarth will lead its independent business and business optimization, according to a company news release. The longtime Supervalu veteran is replacing Leon Bergmann, who has decided to leave the company.
Wayne Sales replaced Craig Herkert, who was fired, as president and chief executive officer in late-July.
