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Supervalu to Close 50 Stores

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Albertsons' parent company, Supervalu, will close 50 stores in strategic cost-cutting moves this year, its chairman said Wednesday.

Many stores being considered for the ax were among those Supervalu acquired when Albertsons was sold in 2006, Chairman and Chief Executive Officer Jeff Noddle told the Idaho Statesman. But he would not say where the stores are located or whether any are in Idaho.

Supervalu closed about 25 stores this year, according to Chief Financial Officer Pam Knous -- a normal number for a national retailer with more than 1,100 stores, she said.

The nation's third largest grocery retailer notched a $2.9 billion loss in its third quarter, which ended Nov. 29. The Minnesota company has faced increasing competitive pressure from discounters like Wal-Mart and slower sales because of changing consumer behavior.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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