Grocers stock falls on Supervalu pricing plans |
Businessweek - Jul 12, 2012 |
Shares in grocery stores tumbled Thursday following word from Supervalu that it would cut prices, ramping up competition in a sector that is already fierce as consumers pull back on spending.
Supervalu, which owns Albertsons, Jewel-Osco, Save-A-Lot and other grocery chains, reported late Wednesday that it was making sweeping changes to its business following a dismal first quarter. The company is suspending its dividend and is reviewing its strategic alternatives.
The Minneapolis company had already lowered prices at some of its stores as part of a multiyear turnaround effort. It said that it needed to intensify those efforts and it now aims to have half of its stores review prices compared with peers by the end of this fiscal year, and the lower prices at the remaining stores in 2014.
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- Posted: 2012-07-12 13:52:42
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