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BUSINESS
August 1, 2012 | By Maria Panaritis, Inquirer Staff Writer
Embattled Acme Markets owner Supervalu Inc. has named 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 and announced Monday 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.
NEWS
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.
NEWS
July 26, 2011 | ASSOCIATED PRESS
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.
NEWS
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.
NEWS
February 7, 2012 | By Maria Panaritis, INQUIRER STAFF WRITER
Acme Markets corporate parent Supervalu Inc. on Tuesday announced it would cut 800 jobs across the country by the end of its fiscal year, on February 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.
BUSINESS
September 8, 2012 | By Maria Panaritis, Inquirer Staff Writer
Plans to close three more Acme supermarkets in the region were greeted grimly Thursday by a top union official representing clerks employed by the embattled chain, whose corporate parent announced the cost-cutting moves a day earlier. Underperforming stores in Sharon Hill, Morrisville, and Glassboro are among 60 to be closed in the months ahead by Supervalu Inc. of Minnesota. The move follows the firing of Supervalu's previous chief executive a few weeks ago and parallels ongoing efforts by the debt-saddled corporation to find a buyer for its retail chains and wholesale-distribution business.
BUSINESS
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.
NEWS
March 3, 2010 | By Maria Panaritis INQUIRER STAFF WRITER
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.
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NEWS
January 12, 2013 | By Linda Loyd, Inquirer Staff Writer
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.
BUSINESS
December 30, 2012
With just one trading day left in 2012, it's a good time to check how the stock prices of the area's biggest corporate giants fared. Nine stocks of the Philly 50 companies, each of which employ at least 1,100 people in the Philadelphia region, are finishing 2012 lower: PNC Financial Services Group Inc. (down 0.36 percent), United Parcel Services Inc. (down 0.49 percent); Quest Diagnostics Inc. (down 0.59 percent), DuPont Co. (down 2.34 percent), GlaxoSmithKline P.L.C. (down 4.96 percent)
NEWS
November 19, 2012 | By Leslie Patton, Bloomberg News
Twinkie junkies have spoken. Since Hostess Brands Inc. announced Friday that it plans to liquidate and sell its products until supplies are exhausted, Americans have been scooping up Twinkies to get a fix of their beloved snacks. Supermarkets are running out and fans are pushing up prices on eBay. On Friday, shoppers emptied the shelves of Twinkies at a Jewel-Osco store in Chicago. "We may have a few things left, but pretty much we're out of our Hostess stuff," Paul Knoblock, assistant store manager, said in a telephone interview.
BUSINESS
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.
BUSINESS
October 19, 2012
In the Region Atlas Resources to pay penalty The U.S. Environmental Protection Agency announced Thursday that Atlas Resources L.L.C. , Philadelphia, will pay an $84,506 penalty to settle alleged air and hazardous-chemical violations at a Marcellus Shale natural-gas site in Avella, Pa. The EPA alleged that Atlas failed to provide required information on hazardous chemicals stored at the Avella site during 2008 and 2009, and that the company did...
BUSINESS
September 8, 2012 | By Maria Panaritis, Inquirer Staff Writer
Plans to close three more Acme supermarkets in the region were greeted grimly Thursday by a top union official representing clerks employed by the embattled chain, whose corporate parent announced the cost-cutting moves a day earlier. Underperforming stores in Sharon Hill, Morrisville, and Glassboro are among 60 to be closed in the months ahead by Supervalu Inc. of Minnesota. The move follows the firing of Supervalu's previous chief executive a few weeks ago and parallels ongoing efforts by the debt-saddled corporation to find a buyer for its retail chains and wholesale-distribution business.
NEWS
September 6, 2012
NEW YORK - Supervalu Inc. said Wednesday that it will close another 60 underperforming stores as it pushes to turn around its struggling business. The grocery operator, based in Eden Prairie, Minn., said that the closures would include four Acme supermarkets in the area, in addition to Albertsons and Save-A-Lot stores in various states. Most are expected to close by Dec. 1. The company on Wednesday was notifying employees at the targeted stores, but did not say how many workers would be affected.
BUSINESS
September 6, 2012
Acme supermarkets in Morrisville, Sharon Hill, and Glassboro, N.J., are to be shut down by December as part of a broader cost-cutting move in which corporate parent Supervalu Inc. will close 60 stores across the nation, the Minnesota-based company said Wednesday. A fourth Acme in Stevensville, Md., is also among those being shuttered as an "underperforming or nonstrategic" store, as are 22 Save-A-Lot locations. The announcement comes as Supervalu tests the market for potential buyers of some or all of the retail- and wholesale-grocery corporation, which consists of Malvern-based Acme Markets, Chicago's Jewel-Osco supermarket chain, a food distribution segment, and other retail grocery chains.
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