US grocer Fleming said it has received several offers for most of its 110-store retail supermarket operations and expects to gain at least US$450m after taxes.
Go deeper with GlobalData
Company officials told analysts yesterday [Wednesday] that most of the Rainbow chain in Minnesota will be sold to a single, as yet undisclosed, buyer, while other stores with the Rainbow and Food 4 Less fascia will be sold piecemeal to regional and independent supermarket operators. The sale will include 13 Wisconsin supermarkets, reported the Duluth News-Tribune.
The proceeds from the sale will be used to pay down debts, standing at $2.2bn at 13 July.
Meanwhile, ratings agency Standard & Poor’s yesterday said it lowered Fleming’s credit rating one notch, to BB-minus, and said it would continue to review the rating to see if it should be lowered further.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
