Supervalu freezes salaries, cuts bene...

Supervalu freezes salaries, cuts benefits for employees

Posted in the Minneapolis Forum

DSM Local

Ankeny, IA

#1 Nov 17, 2012
Supervalu Inc. has cut the company 401K match and frozen salaries for thousands of its employees.

"As we have stated in our last two earnings calls, we need to immediately take costs out of the business in order to fund our growth plans," said Michael Siemienas, a spokesman for Eden Prairie-based Supervalu (NYSE: SVU). "As a result Supervalu today announced changes to team member compensation and benefits as they are the largest administrative expense."

These changes will take place in early 2013 and there's no estimate how long they'll last.

"Supervalu plans to continue to evaluate them based on the company's business results," Siemienas said.

The cuts are for Supervalu's store support center employees, which includes most of Supervalu's staff at its headquarters in Eden Prairie and at the store offices of its various divisions, like the Stillwater office of Cub Foods.

The cuts won't impact many of the store-level and warehouse-level employees who are covered under union contracts.

The undisclosed sum of money that Supervalu saves from these cuts will be reinvested into the business, Siemienas said.

Earlier this month Supervalu said it was cutting 700 jobs at its Shaw's Supermarkets unit, which is located in New England. It was the latest of many job cuts and executive changes that the grocer has made this year.

The company put itself up for sale in July, saying it would consider selling all or part of the company. Supervalu hired a new CEO (Wayne Sales), who then madeseveral other management changes in August. In September Supervalu said it was closing 60 underperforming stores, but none in Minnesota.

http://www.bizjournals.com/twincities/news/20...
Amused Slew

United States

#3 Nov 18, 2012
DSM Local wrote:
Supervalu Inc. has cut the company 401K match and frozen salaries for thousands of its employees.
"As we have stated in our last two earnings calls, we need to immediately take costs out of the business in order to fund our growth plans," said Michael Siemienas, a spokesman for Eden Prairie-based Supervalu (NYSE: SVU). "As a result Supervalu today announced changes to team member compensation and benefits as they are the largest administrative expense."
These changes will take place in early 2013 and there's no estimate how long they'll last.
"Supervalu plans to continue to evaluate them based on the company's business results," Siemienas said.
The cuts are for Supervalu's store support center employees, which includes most of Supervalu's staff at its headquarters in Eden Prairie and at the store offices of its various divisions, like the Stillwater office of Cub Foods.
The cuts won't impact many of the store-level and warehouse-level employees who are covered under union contracts.
The undisclosed sum of money that Supervalu saves from these cuts will be reinvested into the business, Siemienas said.
Earlier this month Supervalu said it was cutting 700 jobs at its Shaw's Supermarkets unit, which is located in New England. It was the latest of many job cuts and executive changes that the grocer has made this year.
The company put itself up for sale in July, saying it would consider selling all or part of the company. Supervalu hired a new CEO (Wayne Sales), who then madeseveral other management changes in August. In September Supervalu said it was closing 60 underperforming stores, but none in Minnesota.
http://www.bizjournals.com/twincities/news/20...
But But But can't they get some $$$$ from President Obama?

Arn't their workers union?

Comeon President, you wouldn't pick winners and losers would you?

If you take taxdollars from companies to bailout GM and Chrysler why not bailout those companies when they need it?

WHY Mr. President?
Amused Slew

Kent, WA

#4 Nov 18, 2012
Geez, you're such ignorant POS racist filth... People like you...should be deported.
Wade Gustafson

Saint Paul, MN

#5 Nov 18, 2012
The freezes and cuts affect the administrative, office, and managerial staff, not the hourly union wage workers.
Amused Skew

United States

#6 Nov 19, 2012
How's the "Team Members" dealing with the loss?
wrong liberal lisa

Minneapolis, MN

#7 Nov 19, 2012
Amused Slew wrote:
Geez, you're such ignorant POS racist filth... People like you...should be deported.
you meant to say :

80 percent of the voters that folowed barry should be deported, because they are ILLEGAL .
the magic word

Minneapolis, MN

#8 Nov 19, 2012
Wade Gustafson wrote:
The freezes and cuts affect the administrative, office, and managerial staff, not the hourly union wage workers.
the problem again and again and again ( UNION )

say good bye to your x mas bonus super valu

Since: Sep 11

Rogers, MN

#9 Nov 19, 2012
Welcome to Obamanomics. Although there's blame to go around that predates Obama, he's the 2nd term president, he owns it now.

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