Grocery store operator SuperValu lost money in its latest quarter, but the struggling company said it is in active discussions with several parties over a possible deal.
SuperValu fired its CEO in July, replacing him with Chairman Wayne Sales to lead its turnaround effort. It has closed stores, suspended its dividend, and has been looking for other ways to cut costs. The company has been reviewing options with financial advisers, a process that typically includes the possibility of selling the company.
SuperValu said Thursday that it is still reviewing its strategic options. The Minneapolis company, whose chains include Albertsons, Cub Foods, Jewel-Osco and Save-A-Lot chains, isn’t the only grocer to have struggled since the recession. Competition in the sector has intensified as consumers watch their spending and more companies seek a cut of their grocery budgets. In the three months ended Sept. 8, SuperValu lost $111 million, or 52 cents per share. That compares with a profit of $60 million, or 28 cents per share, a year earlier.
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