SUPERVALU, Inc. Announces Review Of Strategic Alternatives; Suspends Dividend

SUPERVALU, Inc. announced that it expects business transformation to meet the customers’ demands at lower prices and the Company intend to do this while remaining profitable, continuing to pay down debt and investing the capital to maintain and enhance the Company's stores and related assets. Accordingly, the Company will be pursuing deeper and more structural cost savings initiatives also adopting more flexible financing facilities, reducing the Company's near-term capital expenditures and suspending its dividend. The Company is committed to generating operating cash flows of more than $1 billion annually and meeting or exceeding the Company's debt reduction targets. And, to assure the Company is evaluating the full range of opportunities available to create value for shareholders, the Company’s Board and management, together with its financial advisors, are reviewing strategic alternatives for the Company's business. In conjunction with the Company's financial advisors, Goldman Sachs and Greenhill & Co., have initiated a review of strategic alternatives to create value for the Company’s shareholders. SUPERVALU’s non-executive chairman, Wayne Sales, will oversee this process so that management can remain focused on executing the Company’s accelerated business plan. There can be no assurance that such a review will result in any transaction or any change in the Company’s overall structure or its business model.