MINNEAPOLIS - A Minnesota-based Fortune 100 company says it is "reviewing strategic alternatives" after seeing its net sales and earnings drop from the same point last year.
In a statement released Wednesday, Supervalu CEO and president Craig Herkert said the grocery chain "will be pursuing deeper and more structural cost savings initiatives. Also, we are adopting more flexible financing facilities, reducing our near-term capital expenditures and suspending our dividend."
"And, to assure we are evaluating the full range of opportunities available to us to create value for shareholders, the Company's Board and management, together with its financial advisors, are reviewing strategic alternatives for our business," the statement read.
Supervalu's board and management, along with financial advisors Goldman Sachs and Greenhill & Co., are reportedly looking at the possible sale of all or part of the company.
"These are bold but necessary moves, which will position Supervalu for success in this increasingly competitive environment," said Herkert.
Supervalu also said its stock is down over the past year from $0.35 in fiscal year 2012 to $0.19 now.
The company cut 800 jobs nationally in February. In September of 2011, Supervalu sold more than 100 gas stations in an effort to free up cash.
The Eden Prairie-based grocery retailer owns more than a dozen grocery brands including Cub Foods, Festival Foods, Jewel-Osco and Albertsons.
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