Supervalu properties chasing food stamp users

Supermarkets around the country moving their opening hours, adding products and revamping merchandise assortments to grab a share of the nearly $72 billion per year in food stamps doled out by the federal government. Bloomberg says Eden-Prairie-based Supervalu is leading this charge.
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Supermarkets around the country moving their opening hours, adding products and revamping merchandise assortments to grab a share of the nearly $72 billion per year in food stamps doled out by the federal government. Bloomberg says Eden-Prairie-based Supervalu is leading this charge.

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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.

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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.

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.

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.

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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 closing Ohio distribution center

The Dayton Business Journal reports 120 people will lose their job when the Eden Prairie-based company consolidates the center. In February, Supervalu announced it was eliminating 800 jobs nationwide, including 200 workers in Minnesota.

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