Marketing Specialists Corporation (OTC:MKSP), a food brokerage firm which provides outsourced sales and marketing services to manufacturers of food and grocery products, yesterday filed a voluntary petition for protection under Chapter 11 of the United States Bankruptcy Code in U.S. Bankruptcy Court for the Eastern District of Texas.
Marketing Specialists executives currently are exploring options that would allow the company to continue operations. “Marketing Specialists has excellent people, very good relationships with manufacturers and first-rate information technology,” commented Company President and Chief Executive Officer Gerald Leonard. “We believe this company has a future, and we are working very hard to secure it. In the meanwhile, we ask our employees and principals to bear with us as we sort through the alternatives before us.”
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Marketing Specialists, headquartered in Dallas, currently has approximately 5,700 associates in 65 locations in the United States.
To receive Marketing Specialists’ latest news release and other corporate documents via FAX at no cost, dial 1-800-PRO-INFO. Use the Company’s code, MKSP.
Or visit the Company’s pages at www.frbinc.com.
This press release contains forward-looking statements with the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of Marketing Specialists. Actual events, performance and results could differ materially from the anticipated events, performance or results expressed or implied by such forward-looking statements. The factors which may cause such differences include, among other things, Marketing Specialists’ ability to consummate any of the transactions contemplated by the letters of intent to which Marketing Specialists is a party; Marketing Specialists’ ability to successfully integrate any future or past acquisitions; the competitive environment; and general economic conditions. For further information, please refer to the Company’s fillings with the Securities and Exchange Commission.
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