DALLAS, March 27 /PRNewswire/ -- Fleming (NYSE: FLM) today announced that
it has completed the sale of 16 Baker's retail stores, located in the Omaha,
Nebraska area, to the Kroger Co. As announced earlier, Fleming has signed a
three-year supply agreement with Kroger to continue supplying Baker's
Supermarkets from the Lincoln product supply center.
The Baker's Supermarkets were sold as part of Fleming's previously
announced strategic plan that focuses on its growth areas of price impact and
distribution. As previously announced, the company expects to receive
approximately $200 million in proceeds in 2001 from the sale of conventional
retail stores as well as retention of a significant portion of the wholesale
distribution to these stores. The Baker's Supermarkets sale represents
Fleming's largest single transaction from the sale of conventional retail
stores.
Fleming is a $14 billion company and industry leader in distribution and
has a growing presence in value retailing. Fleming's primary business is
buying and selling merchandise. The company serves approximately
3,000 supermarkets including more than 800 North American stores of global
supermarketer IGA and other regional banners, 3,000 convenience stores and
nearly 1,000 supercenters, discount, limited assortment, drug, specialty, and
other businesses across the country.
Safe Harbor Statement
This release includes statements that (a) predict or forecast future
events; (b) depend on future events for their accuracy; or (c) embody
projections and assumptions that may prove to have been inaccurate, including
expectations for years 2001 and beyond.
These projections, forward-looking statements, and the company's business
and prospects are subject to a number of factors that could cause actual
results to differ materially, including: adverse competition, sales declines
and loss of customers, exposure to litigation and other contingent losses,
failure to implement strategic initiatives according to plan or to achieve the
expected results of such plan, failure of the company to achieve necessary
cost savings, and negative effects of the company's substantial indebtedness
and the limitations imposed by restrictive covenants contained in the
company's debt instruments. These and other factors are described in the
company's periodic reports available from the Securities and Exchange
Commission.
CONTACTS:
(Media) Randy Hatcher 972.906.8823
(Investors-Equity) Meredith Anderson 972.906.8592
(Investors-Debt) Alan McIntyre 972.906.8126
SOURCE Fleming
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Related links:
http://www.fleming.com
CONTACT:
media, Randy Hatcher, +1-972-906-8823, or
investors-equity, Meredith Anderson, +1-972-906-8592, or
investors-debt, Alan McIntyre, +1-972-906-8126, all of Fleming
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