Supervalu sees 2Q loss, in active talks on options
NEW YORK — Grocery store operator Supervalu lost money in its latest quarter, but the struggling company said it is in active discussions with several parties over a possible deal.
Supervalu fired its CEO in July, replacing him with Chairman Wayne Sales to lead its turnaround effort. It has closed stores, suspended its dividend, and has been looking for other ways to cut costs. The company has been reviewing options with financial advisers, a process that typically includes the possibility of selling the company.
Supervalu said Thursday that it is still reviewing its strategic options, it has received a number of indications of interest and is talking with several parties.
The Minneapolis company, whose chains include Albertsons, Cub Foods, Jewel-Osco and Save-A-Lot chains, isn't the only grocer to have struggled since the recession. Competition in the sector has intensified as consumers watch their spending and more companies seek a cut of their grocery budgets.