DALLAS, June 27 /PRNewswire/ -- Fleming (NYSE: FLM) today announced it has
submitted a bid for real estate assets and certain inventory of Furr's
Supermarkets, Inc. Fleming's bid totaled $57 million, plus inventory. The
bid has been accepted, subject to approval by the United States Bankruptcy
Court for the District of New Mexico. The court hearing is scheduled for
Friday.
Fleming intends that the majority of the 66 Furr's store locations in New
Mexico and West Texas would be owned and operated by independent and chain
supermarkets, with Fleming serving as the supplier. Approximately 10 store
locations would be converted to a price impact retail format as part of
Fleming's retail group.
"Fleming has a strong track record of successfully facilitating the
transfer of stores from regional chain companies into the hands of quality
independents and chain supermarket operators," said Steve Davis, Executive
Vice President and President, Wholesale. "Rather than see all of these stores
liquidated and closed, this plan offers a growth solution. We believe this is
the best use of the properties and the best opportunity to preserve jobs and
shopping alternatives in the communities where these stores operate."
Fleming is the 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 700 North American stores of global supermarketer IGA and other
regional banners, 5,000 convenience stores and nearly 1,000 supercenters,
discount, limited assortment, drug, specialty, and other businesses across the
country. To learn more about Fleming, visit our website at http://www.fleming.com .
This release includes statements that: (a) predict or forecast future
events or results, (b) depend on future events for their accuracy, or (c)
embody projections and assumptions which may prove to have been inaccurate,
including expectations for years 2000 and beyond. These projections, forward-
looking statements and the company's business and prospects are subject to a
number of factors which could cause actual results to differ materially,
including: adverse effects of the changing industry environment and increased
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) Shane Boyd 972.906.8824
(Investors-Equity) Meredith Anderson 972.906.8592
SOURCE Fleming
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Related links:
http://www.fleming.com
CONTACT:
media, Shane Boyd, +1-972-906-8824, or
investors-equity, Meredith Anderson, +1-972-906-8592, both of
Fleming
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