New England grocery chain Shaw's, a subsidiary of SUPERVALU (NYSE:SVU), will trim its work force by 700 positions, the company announced today.That's about 4% of employees at the 169 Shaw's and Star Market stores.
Mike Stigers, president of Shaw's, said in a company press release that the layoffs come about as the company better aligns its staffing with when people shop.The staff reductions will happen at Shaw's and Star Market stores and will be finalized by Saturday.
Shaw's has been around since 1860, and has about 17,000 employees. Its parent company, SUPERVALU, operates about 2,500 grocery store locations across the U.S. under names including Save-A-Lot, Albertsons, Shoppers, and Acme. SUPERVALU's stock has struggled mightily in recent years, and has fallen 60% this year. The stock was making news last week over buyout chatter.