SAFEWAY CUTS 940 MID-LEVEL JOBS TO REDUCE EXPENSES

PLEASANTON, Calif. -- Safeway here said last week it is eliminating 940 administrative positions in an effort to reduce its cost structure -- a move some industry observers said could be a prelude to additional cutbacks at a higher corporate level.

The company declined to pinpoint the cost savings it anticipates until it reports second-quarter financial results on July 24, and estimates by securities analysts contacted by SN ranged from $50 million to $100 million or more, exclu

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