Thursday, August 30, 2012

Stocks In News: Supervalu Inc.(NYSE:SVU) & BP plc (NYSE:BP)

Supervalu On A Restructuring Spree With Its Management Ranks

The reputed grocery store chain, SUPERVALU INC.(NYSE:SVU) is restructuring its management levels under its new CEO as the firm prepares itself for a turnaround amidst a tough competition and a weak economy.

Kevin Holt, the sole operator of Jewel-Osco, Albertson’s and several other grocery store chains was chosen to be the president of Supervalu retail. He is working on strategy to enhance the operations in the traditional and pharmacy departments of the company. He had joined the firm in May as the executive vice president of retail operations.

Janel Haugarth is a veteran employee at Supervalu. She will soon become the executive vice president, process improvement and business optimization, a recently created job post. She used to be the executive vice president, merchandising and logistics.

While traditional supermarkets face immense competition from big box retailers and drug shops, Supervalu is trying to put strong emphasis on attracting shopped with lower prices. Such efforts have not yet gained traction.

In the last week of last month, Eden Prairie had fired its CEO a few weeks after reporting a bleak fiscal first quarter result. Wayne Sales was made the next CEO. The company had also suspended its dividend and declared its plans to review its business practices.

BP Gas Recall Sets Its Current Size To 4.7M Gallons

BP plc (ADR)(NYSE:BP reported that the size of its gasoline recall is now more than twice of what it previously was.

Scott Dean, BP spokesman, said on Wednesday that gasoline was circulated from the BP terminals in Whiting, suburban Chicago, Indianapolis and suburban Milwaukee. Gasoline refined in Whiting had also reached stations as far as Columbus and Bloomington. Dean had previously mentioned that the gas was circulated only on Milwaukee and Chicago areas and in northwestern Indiana.

As per the statement of Dean, BP has started processing about 10,000 claims from clients whose vehicles were affected, majorly in Illinois and Indiana. 

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