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Fleming Cos. files for bankruptcy.(Knight Ridder Newspapers)
Byline: Barry Shlachter
FORT WORTH, Texas _ Fleming Cos., the nation's largest grocery distributor, filed for Chapter 11 bankruptcy protection in Delaware on Tuesday, blaming the loss of a $4.5 billion supply agreement with Kmart for much of its financial crisis.
The move follows the refusal last week of lenders to extend a long-term loan and the March 5 firing of Chief Executive Mark Hansen, who negotiated the Kmart deal a year before the discount chain itself went into Chapter 11 protection and closed more than 300 stores nationwide.
Fleming's stock was at 48 cents when trading was halted on the New York Stock Exchange. That's down from ...
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Source: HighBeam Research, Fleming Cos. files for bankruptcy.(Knight Ridder Newspapers)