I owned SuperValu (SVU) last year. The thesis was that it was a fundamentally robust company whose price had been knocked down by poor performance but which still paid a decent dividend. I would get paid to wait for a recovery. After a succession of price declines I finally sold the stock in October 2011 for around $7.50 (a 30% loss).
Today SuperValu suspended its dividend. The recovery never happened. Fitch downgraded SVU to CCC. The price plunged to $3.00. Ugly.