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Supervalu to lay off 700 at its Shaw's chain

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Supervalu to lay off 700 at its Shaw's chain
Submitted by Fox First at Ten on November 2nd

NEW YORK (AP) - Supervalu is cutting 700 positions at grocery stores at a subsidiary in New England, two weeks after it posted a loss for the second quarter and said it was considering selling the company.

The company said Friday that the job cuts will take place at 169 Shaw's and Star Market stores. Shaw's, with about 17,000 staffers, is one of the oldest supermarkets in the U.S., dating back to the 1860s.

Supervalu Inc., based in Eden Prairie, Minn., fired its CEO in July after closing stores and suspending its dividend.

Competition has grown exceedingly intense and grocers are being forced to cut prices to keep cash-strapped customers from switching to competitors as they look for bargains.

Supervalu has about 125,000 employees overall.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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