Supervalu Inc. has cut the company 401K match and frozen salaries for thousands of its employees.
"As we have stated in our last two earnings calls, we need to immediately take costs out of the business in order to fund our growth plans," said Michael Siemienas, a spokesman for Eden Prairie-based Supervalu (NYSE: SVU). "As a result Supervalu today announced changes to team member compensation and benefits as they are the largest administrative expense."
These changes will take place in early 2013 and there's no estimate how long they'll last.
"Supervalu plans to continue to evaluate them based on the company's business results," Siemienas said.
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