Supervalu to Close 29 Stores, Cut 350 Corporate Jobs

Grocery retailer Supervalu, which operates more than 4,200 stores across the country, will shut 29 underperforming locations by the end of its fiscal year, which will be in early March. Fifteen of the targeted stores are located in the Northeast. In addition, the company plans to cut 350 corporate jobs by the end of May, in addition to 300 corporate positions it eliminated in 2010.

Net retail sales for Supervalu's Q3 of fiscal 2011, the quarter that ended December 4, 2010, were $6.6 billion, a 7.7% decrease compared to the same period the previous year. Same-store sales decreased 4.9% during the quarter.

"Our performance is still not close to my expectations and we continue to take action to change the trajectory of our businesses," said Craig Herkert, president and CEO of Supervalu in a statement. "Through our business transformation process, we will invest in price, leverage our buying power and enhance retail execution."