SuperValu to close 60 underperforming stores

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Associated Press

Posted on September 5, 2012 at 3:00 PM

Updated Wednesday, Sep 5 at 4:00 PM

NEW YORK (AP) — Supervalu says it's closing another 60 underperforming stores this fiscal year, as it struggles to turn around its business.

The Eden Prairie, Minn.-based grocery store operator says the closures include Albertsons, ACME and Save-A-Lot stores in various states.

Most are expected to close by Dec. 1. The company is notifying employees at the targeted stores Wednesday, but did not say how many would be affected.

New CEO Wayne Sales says the closures reflect the company's commitment to moving "with a greater sense of urgency to reduce costs and improve shareholder value."

The company expects to record a pre-tax charge of up to $90 million for its fiscal 2013.

Supervalu operates about 4,400 stores in the U.S.

Shares of Supervalu Inc. rose 3 percent in aftermarket trading following the announcement.

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