FREEHOLD, N.J. -- Foodarama Supermarkets here reported a loss of $1.3 million in the second quarter ended April 30.
permarkets in New Jersey and two units in Pennsylvania, did not list the factors contributing to the loss.
Sales in the 13-week quarter declined 10.3% to $151.5 million. The lower sales total in the quarter was due to the divestiture of five stores sold in October 1993.
Same-store sales rose an estimated 4% in the second quarter.
Foodarama, a member of the Wakefern Food Corp. cooperative, also announced that a holder of a $1.3 million senior note had not agreed to the standstill agreement that other creditors previously agreed to. The holder of the note has given the company notice that it is accelerating the entire unpaid principal amount of its note, together with accrued interest, Foodarama said.
By giving such notice, the note holder reserved its right to take "any and all appropriate remedies available to it under the terms of the related note agreement," Foodarama said.
Foodarama said, although no assurances can be given, it "does not anticipate any such action [by the note holder] at the present stage of the company's attempt to restructure its institutional indebtedness."
