0001193125-12-388133.txt : 20120911 0001193125-12-388133.hdr.sgml : 20120911 20120911170624 ACCESSION NUMBER: 0001193125-12-388133 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20120905 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities FILED AS OF DATE: 20120911 DATE AS OF CHANGE: 20120911 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUPERVALU INC CENTRAL INDEX KEY: 0000095521 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 410617000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0225 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05418 FILM NUMBER: 121086181 BUSINESS ADDRESS: STREET 1: 11840 VALLEY VIEW RD CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 BUSINESS PHONE: 9528284000 MAIL ADDRESS: STREET 1: 11840 VALLEY VIEW ROAD CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 FORMER COMPANY: FORMER CONFORMED NAME: SUPER VALU STORES INC DATE OF NAME CHANGE: 19920703 8-K 1 d410278d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 5, 2012

 

 

SUPERVALU INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-5418   41-0617000

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

7075 Flying Cloud Drive

Eden Prairie, Minnesota, 55344

(Address and zip code of principal executive offices)

(952) 828-4000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.05 Costs Associated with Exit or Disposal Activities

On September 5, 2012, SUPERVALU INC. (the “Company”) issued a press release announcing that it was closing approximately 60 underperforming or non-strategic stores, including 38 stores in its retail food reporting segment and 22 Save-A-Lot locations. The Company expects to close the majority of these stores before December 1, 2012, the end of the Company’s fiscal 2013 third quarter, and expects that the remaining store closures will be completed by February 23, 2013, the end of the Company’s fiscal year. These store closures are part of a comprehensive plan to accelerate the Company’s business strategy, reduce costs and improve shareholder value.

As a result of these store closures, the Company expects to incur total pre-tax charges of approximately $80 million to $90 million in fiscal 2013. Of these amounts, the Company expects that $50 million to $55 million will be incurred in its fiscal 2013 second quarter ending September 8, 2012, and the majority of the remainder will be recorded in its fiscal 2013 third quarter. The $80 million to $90 million estimate is comprised of approximately $45 million to $50 million in asset impairment costs, $25 million to $30 million in lease related costs, $7 million of other costs and $3 million of employee termination costs, including severance and other benefits. Only the employee termination costs will result in incremental future cash expenditures.

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: September 11, 2012

 

SUPERVALU INC.
By:  

/s/ Sherry M. Smith

Name:   Sherry M. Smith
Title:   Executive Vice President
  and Chief Financial Officer
  (Authorized Officer of Registrant)

 

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