BRIEF: Supervalu freezing pay, reducing benefits for salaried employees
Nov 17, 2012 (Menafn - Pioneer Press - McClatchy-Tribune Information Services via COMTEX) --Grocery giant Supervalu said it was instituting a pay freeze for its salaried and office employees, and most will also see a reduced or eliminated 401(k) company match.
In a statement to employees, Eden Prairie-based Supervalu said the cost cutting was necessary "to take costs out of the business," as the supermarket company fights for its survival. Supervalu owns Cub Foods in the Twin Cities, as well as other regional players such as Albertson's, Jewel-Osco and Save-A-Lot.
Mike Siemienas, a Supervalu spokesman, said the company's 401(k) match had been 5 percent. The company will discontinue the match for office employees, but reductions will vary for store team members.
Supervalu officials are currently reviewing bids for all or parts of its grocery empire.
-- Tom Webb
___ (c)2012 the Pioneer Press (St. Paul, Minn.) Visit the Pioneer Press (St.
Paul, Minn.) at www.twincities.com Distributed by MCT Information Services
Copyright (C) 2012, Pioneer Press, St. Paul, Minn.