Investment fund Jana Partners has trimmed its stake in Safeway, praising the US retail giant’s recent decisions, including the sale of its stores in Chicago.
In September, Jana Partners revealed it had bought a 6.2% stake in Safeway and said it had held talks with the retailer’s management about its strategy.
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A month later, Safeway said it would quit Chicago, a city where it was losing money.
In an SEC filing earlier this week, Jana Partners said it had sold some of its shares in Safeway, reducing its stake to 4.1%.
The fund said it was “highly supportive” of the recent steps taken by [Safeway’s] board and management, in particular the decision on Chicago and plans to review all of its business to focus on its core operations, buy back shares and review its corporate structure.
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