Supervalu, a nationwide grocery retailer and distributor has announced that they will be laying off 800 workers by February 25.
Here is how some of the layoffs are distributed:
- Minnesota – 200, source
- Idaho – 130 out of 1150, source
- New England – 60 at Shaw’s, Source
- Chicago – 20 at Jewel-Osco, source
Siemienas said the layoffs were a way to reduce work duplication and inef ficient processes.
All layoff are going to be spun in a “positive” way. A good business would have already streamlined work duplication and inefficient processes by now. So I don’t quite take them at their word when they say this is a good move. I believe these cuts are due to a slumping economy but admitting it could send their stock prices down.
Supervalu trades under the New York Stock Exchance: SVU. It is down around 0.6% today, trading at about $6.83 a share. It was trading at about $48 at their peak in June 2007.