The Albertson’s grocery store in Bonney Lake is one of 60 nationwide scheduled to be closed this fall.
According to Supervalu, the parent company of Albertson’s, Save-A_lot and Acme food stores, the stores being closed are “underperforming” and are expected to be closed by Dec. 1.
“Today’s announcement reflects our commitment to move with a greater sense of urgency to reduce costs and improve shareholder value,” Supervalu CEO, president and chairman Wayne Sales said in a press release.
The closures in the retail food segment include 27 Albertsons stores (19 in Southern California, including one previously announced location, and eight in the Intermountain West region), four ACME stores, and one previously announced Jewel-Osco location
Over the next three years, the Company estimates that closing these locations will generate between $80- $90 million in cash from monetizing owned real estate, eliminating cash operating losses, and selling departmental assets.
The Company owns the real estate for approximately one-third of the retail food stores being closed. Cash generated from these actions will be used to reduce outstanding debt and for other general corporate purposes.
The exact date of closure of the Bonney Lake store is unknown.