Marsh eyes strategic options

Drug Store News,  Dec 19, 2005  

• E-mail
• Print
• Link

INDIANAPOLIS -- Marsh Supermarkets, whose banners include Marsh supermarkets, LoBill Foods stores and O'Malia Food Markets, announced that it has retained Merrill Lynch & Co. to explore strategic alternatives, including the possible sale of the company.

The regional grocer, which operates 116 stores, including 39 pharmacies, added that there is no assurance that it will be sold or other strategic alternatives will be consummated. It also will not update its progress or disclose developments until its board of directors has approved a definitive transaction.

The company also reported that it appointed Douglas W. Dougherty senior vice president, chief financial officer and treasurer, following the Dec. 6 resignation of John Elbin. Marsh stated that Elbin resigned because he disagreed with senior management on ways to improve results of operations and financial condition, not because of any financial statement inaccuracies.

Marsh noted that the move would not affect its plan to pursue strategic alternatives.

COPYRIGHT 2005 Reproduced with permission of the copyright holder. Further reproduction or distribution is prohibited without permission.
COPYRIGHT 2008 Gale, Cengage Learning