Acme Markets parent company SuperValu Inc. has replaced president and CEO Craig Herkert with board chairman Wayne Sales, less than three weeks after the grocery chain released a dismal quarterly report.
Acme operates in Doylestown.
"We will take significant cost out of the business, and move with urgency in our retail food business to lower prices and create points of sustainable differentiation for our customers," Sales said in a statement from the company.
In the report July 12, the company reported falling sales, vowed to cut costs and said it planned to withhold investor dividends. Moreover, its stated plan to "explore strategic alternatives" was characterized by The Philadelphia Inquirer as "corporate parlance for measures that often include courting buyers for the company."
SuperValu's stock rose $0.25 to $2.24 Monday, about a 13 percent increase. The stock is still worth less than half of what it was, $5.29, just before the quarterly report came out.