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The first wave of some 50 Supervalu store closures set to commence in the coming weeks has been put into motion this week. The move follows a week after Supervalu released its third-quarter financial results, at which time it said it would aim to cut capital expenditures and close "nonstrategic store locations" during the coming fiscal year.
In addition to reducing capital spending from $1.2 billion a year to $850 million, the Minneapolis-based retailer's plans to close 50 stores in its fiscal 2009 fourth quarter are in step with its intentions to open fewer stores and scale back on store remodels to save money and bolster the bottom line.
The stores slated to close include:
--Five Cub Foods stores in Beloit, Wis.; Green Bay, Wis. (2); Madison, Wis.; and Peoria, Ill.
-- Seven Albertsons stores in Utah, Las Vegas, and Southern California
-- Four Lucky stores in Las Vegas
-- Four Shaw's Star stores in New England
-- Two Farm Fresh stores in Norfolk, Va.
-- Four Acme Markets
With 2,500 grocery stores and has annual sales of $45 billion, Supervalu said it will give employees at the affected stores the option to relocate to other locations.