Supervalu to close 60 stores outside Minn.by Martin Moylan, Minnesota Public Radio
ST. PAUL, Minn. — Struggling grocery giant Supervalu plans to close about 60 of its supermarkets outside of Minnesota.
Most of the stores will shut down before December. Company spokesman Mike Siemienas says the stores are under-performing or not critical to the Eden Prairie-based company's plans.
"While the decision to close a store is always difficult given the impact on team members and customers, it is guided by what is best for the company's ongoing success and future growth," Siemienas said. "For Cub Foods shoppers in the Twin Cities, Cub Foods is not impacted by this announcement."
Supervalu owns and operates about 1,500 grocery stores across the country, including 44 Cub Foods stores in Minnesota.
The company has lost about $2.5 billion over the past two years.
Analysts say Supervalu is a middle-market grocer that can't compete with high-end grocers on service and quality or match discounters like Walmart and Target on price. The Supervalu board is considering the sale of all or parts of the company.