July 30, 2012 |
Embattled Acme Markets owner Supervalu Inc. announced Monday its third chief executive in three years, booting onetime Walmart executive Craig R. Herkert and replacing him with board chairman Wayne C. Sales. The action was taken Sunday by the $36 billion corporation, which has struggled with $6 billion in debt as its mostly traditional supermarket chains have been battered by lower-cost warehouse clubs, dollar stores, and big-box retailers since the stock market crash of 2008. The leadership change, the second since Jeffrey Noddle was replaced as CEO in May 2009, comes two weeks after Herkert announced that Supervalu would explore the potential sale of some or all of the company, and as shareholders were yet again disappointed with declining sales numbers and profitability.
April 14, 2011
Supervalu Inc., the parent company of Acme Markets, reported $95 million in profits Thursday for the quarter ending Feb. 26, a drop from a year earlier, but the Minnesota food retailer and wholesaler forecast strong earnings for the year ahead. Net sales fell to $8.7 billion, compared with $9.2 billion a year earlier, due in part to the corporation shedding a number of supermarkets across its portfolio, including several local Acmes, as part of a turnaround plan. The company issued guidance for fiscal 2012 of earnings per share in the range of $1.20 to $1.40.
July 26, 2011 |
MINNEAPOLIS - Supervalu Inc.'s first-quarter net income rose 10 percent on cost-cutting, evidence that the grocery chain's turnaround plan appears to be bearing fruit. Earnings beat expectations, and Supervalu's stock was up more than 9 percent, to $9.33, shortly after the market opened. The operator of Acme, Albertsons and Jewel-Osco supermarkets said Tuesday that it earned $74 million, or 35 cents per share, for the quarter. That's up from $67 million, or 31 cents per share, in the same quarter last year.
January 11, 2012
Acme Markets owner Supervalu Inc. of Minneapolis on Wednesday reported a net loss of $750 million on $8.3 billion in sales for the quarter that ended Dec.r 3, a decline from the $202 million loss on $8.7 billion recorded during the same period a year earlier. The $3.54-per-share loss for the third quarter compared with a loss of 95 cents per share a year earlier, the supermarket corporation said. The results included noncash goodwill and intangible asset impairment charges of $800 million after taxes.
November 3, 2012
Acme Markets owner Supervalu Inc. on Friday said it would lay off 700 people at its Shaw's and Star Market supermarkets across New England by Nov. 3 in a cost-cutting move coinciding with ongoing efforts to find a buyer for the debt-addled corporation. Hundreds of store-level workers have been laid off over the past two years at the Acme division as well. In recent months, Supervalu has been pursuing buyers interested in pieces or all of the Minnesota-based corporation, which owns grocery chains across the country as well as a wholesale food distribution business.
March 3, 2010 |
It was Las Vegas, Valentine's week, and the headliners were big: Former President George W. Bush kicked things off as keynote speaker. Singer Paul Anka serenaded a black-tie crowd with old classics such as "Put Your Head on My Shoulder. " But the big buzz at the National Grocers Association convention was about a purveyor of sliced bologna and mouthwash: Acme Markets. Supervalu Inc., the Minnesota corporation that owns the Philadelphia area's most ubiquitous grocery chain, had said just that week that it would sell a batch of Connecticut supermarkets.
February 20, 2011 |
It was January, and the mega-corporation that owns Acme Markets had just lost $202 million. Its top executive was blunt: There are customers who think prices are too high. "Insult pricing" is how Supervalu Inc. chief executive officer Craig R. Herkert, a former WalMart Stores Inc. executive, termed the problem in a dismal call with investment analysts. That is when daily prices are so high that customers boycott an item for months until it goes back on sale, or they just start shopping elsewhere.
January 12, 2013 |
Embattled Acme Markets' corporate parent, Supervalu Inc., announced Thursday the sale of five grocery chains, including Malvern-based Acme, to a group of private-equity firms and real estate investors. Supervalu announced a "definitive agreement" to sell its Acme, Albertsons, Jewel-Osco, Shaw's, and Star Market stores and related in-store pharmacies for $100 million and the assumption of $3.2 billion in debt. The buyer is AB Acquisition L.L.C., an affiliate of an investor consortium, former Chrysler owner Cerberus Capital Management L.P. Investors include Philadelphia based Lubert-Adler Partners, as well as Kimco Realty Corp., Klaff Realty L.P., and Schottenstein Real Estate Group.
February 8, 2012 |
Acme Markets' corporate parent, Supervalu Inc., announced Tuesday it would cut 800 jobs across the country by the end of its fiscal year Feb. 25 as part of ongoing cost-reduction efforts. The Minneapolis-based supermarket retail operator and wholesaler said that, "in general," store-level associates such as cashiers, clerks, and department managers - employees in direct contact with customers - would not be affected by the move. A small number of positions targeted for elimination are within the Acme Markets division, whose regional administrative offices are in Malvern.