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SuperValu Takes Hit, Still Plans More Stores

EDEN PRAIRIE, MN-SuperValu takes a $240-million restructuring hit and loses $1.7 billion in revenue with the defection of wholesale client Kmart. However, it plans to add up to 15 superstores and 120 smaller stores.

By Jim McCartney | Updated on April 05, 2001

EDEN PRAIRIE, MN-Despite a major restructuring that includes closing down an unspecified number of stores and distribution centers, SuperValu still plans to add up to 15 new superstores and 120 limited assortment stores this year. The food retailer and wholesaler says it is taking a $240-million restructuring charge as part of its fourth quarter ended Feb. 24, and will cut 4,500 jobs in an attempt to revive its earnings.

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