Owner of Idaho Albertson’s may hang ‘for sale’ sign

Supervalu Inc.’s http://www.supervalu.com shares plunged in after-hours trading because the grocery chain reported a dismal first quarter, suspended its dividend and announced plans for "strategic alternatives."

"Our review … will be broad-based and include looking at the sale or other disposition of all or part of the company," CEO Craig Herkert wrote in a letter to employees, according to Minneapolis media reports. (Supervalu is based in suburban Eden Prairie, Minn.) Bankruptcy, however, is not part of the review, Herkert told analysts.

Some analysts have said that Supervalu could be a merger-acquisition target because of its strong cash flow and cheap share prices.

Supervalu employs about 1,000 people at the Boise offices it inherited in its purchase of Albertsons Inc., in addition to more than 2,300 employees at 33 Albertsons stores around the state.

Full Story: http://www.idahostatesman.com/2012/07/11/2186260/owner-of-idaho-albertsons-to-review.html