Supervalu Sinks on Strategic Review, Dividend Suspension
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Supervalu Inc., the third-largest U.S. grocery chain, sank the most since at least 1980 after saying it will review strategic alternatives for the business and suspended its dividend.
Supervalu tumbled 49 percent to $2.69 at the close in New York for the biggest decline since July 29, 1980, the earliest data compiled by Bloomberg. The Eden Prairie, Minnesota-based company’s shares have fallen 67 percent this year, putting it on course for a fifth straight annual drop.