Albertsons Shares Fall as Grocer Confirms Workforce Cuts (1)

(Updates to include company confirmation of workforce reduction.)

Albertsons shares are down as much as 3.3%, the most intraday since Dec. 17, after the grocery store operator said it will implement layoffs.

• “After many years of productivity efforts across several parts of our company, we recently turned our attention to our general and administrative expenses and made the difficult decision to reduce the size of our corporate and division support workforce,” a company spokesperson tells Bloomberg News in an emailed statement
  • Albertsons will provide “severance packages with extended benefits, career support services, and additional resources during this transition”
• Last month, ...