Supervalu Inc. plans a 1 for 7 reverse stock split at the close of business on Aug. 1, slashing the number of its common stock to 57.1 million, the grocery store chain said Thursday. Its total outstanding shares will also shrink to 38.4 million from 268.5 million. The company does not plan to issue fractional shares and will instead offer cash redemption. The reverse split will not affect the number of preferred shares and Supervalu will continue to trade on the New York Stock Exchange. Supervalu shares were flat in the extended session after closing up 2.4% to $3.38.
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