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News Summary: Supervalu fires CEO amid turnaround
324 days ago
By The Associated Press
WHAT HAPPENED: Supervalu Inc. ousted CEO Craig Herkert and replaced him with Chairman Wayne Sales.
THE TROUBLES: The Minneapolis operator of Albertson's, Jewel-Osco and other grocery chains has been struggling. Last month it posted first-quarter net income that had been nearly cut in half in a fierce price competition with its rivals. The company suspended its dividend and it may be considering putting itself up for sale.
THE BACKGROUND: Supervalu and other supermarket chains have struggling in recent years amid intensifying competition from big-box retailers, dollar stores and drugstores. Even among its peers, however, Supervalu has been laggard in adapting to the change landscape.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
