Supervalu to Close 50 Stores; Stock Rebounds

Supervalu on Wednesday said it would close 50 struggling stores by next month and slash its capital budget for the coming fiscal year, as it continues to adjust to a rough economy.

MINNEAPOLIS — Supervalu on Wednesday said it would close 50 struggling stores by next month and slash its capital budget for the coming fiscal year, as it continues to adjust to a rough economy.

The news came as the retailer here reported a loss of $2.9 billion for the fiscal third quarter, which ended Nov. 29, impacted by a non-cash charge of $3.3 billion to reconcile the company’s book value to its beleaguered stock price. Excluding the adjustment, earnings were slightly abov

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