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Struggling Acme Switches CEOs

The grocery chain's most recent quarterly report raised the question of whether it might be up for sale.

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.

Christopher Donald August 01, 2012 at 10:37 PM
Two words... union contracts.
Gene August 02, 2012 at 12:05 PM
Also, if you look closely, the store is filthy!!
Jeff Lugar August 02, 2012 at 12:19 PM
I remember spring '11 or so they drastically cut prices on a lot of items to try to catch up, and an Inquirer article referred to their previous prices as "insult prices" they were so high.
Carrie Andrews August 02, 2012 at 02:24 PM
No way is the store I work in filty. Absolutely untrue! The manager of the Doylestown store has employees scheduled to clean constantly! I find this to be incredibly insulting.
Kevin Kelly August 03, 2012 at 01:27 PM
I shop at Acme in Doylestown on a regular basis. The store is impeccably clean and the employees are extremely polite and professional. It is truly the good nature of the employees that keep me wanting to keep shopping at their wonderful supermarket!

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