KELLOGG’S (AP) Kellogg Foods says it’s shutting about half of its U.S. stores.
The company says it expects the closing to reduce its total sales of the cereal by about $8 million.
The U.K.-based company has about 6,000 stores in North America and Canada, and has about 9,000 in the U..
S., which accounts for nearly 40 percent of its sales.
The chain has a net loss of $1.3 billion this year.
Kellogg’s chief financial officer, Michael D. O’Brien, said in a statement Thursday that the chain is taking the actions to preserve its financial flexibility as it seeks to turn around its operations.
He did not elaborate.
A spokesman for the National Kellogg Co., which makes Kellogg Peanut Butter, said the company expects the store closings to affect only a small percentage of its total cereal sales.
Kellogg has been on the market since 2007.