Leading US supermarket retailer Albertson's will axe 20% of its senior management and close 165 underperforming stores in a bid to save cash. Further closures could also be on the cards as new chairman Larry Johnston embarks on the first in a series of steps to restore the chain's fortunes. The sale of the stores and other assets would generate $265m to spend on strategic acquisitions in areas where Albertson's is the market leader. Johnston blamed the 1999 merger with American Stores for a loss of focus. "These are long overdue measures to trim the fat without damaging the muscle." {{NEWS }}