The US’ largest grocery distributor, Fleming, has said that the company is not in danger of financial insolvency after losing its largest customer, US retailer Kmart.
“That notion is ludicrous,” Chief financial officer Mark Shapiro told Dow Jones Newswires, asked if Fleming might file for bankruptcy following the end of its supply agreement with Kmart.
“Our balance sheet is stronger than it has been for a long time,” Shapiro said. “Kmart at the most was going to be 15% of our business this year.”
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