Supervalu Inc. said it would close about five dozen stores as it works to turn around its grocery business, which lags Kroger Co. and Wal-Mart Stores Inc.
Supervalu, which has suspended its dividend, put itself up for sale, and made a number of management changes, said on Wednesday that it would close most of the "underperforming or non-strategic stores" before December 1, the end of its fiscal third quarter.
The closures will include 27 Albertsons supermarkets in Southern California and the Intermountain West region, 22 Save-A-Lot discount food stores, four Acme supermarkets and one Jewel-Osco grocery stores.
Supervalu, the third-largest U.S. supermarket operator, said eight other stores would be closed, but it declined to give details, citing ongoing contractual discussions. Supervalu expects those stores to be closed by February 23, when its fiscal year ends.
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