BRUNO'S, Birmingham, Ala., said late last week that it has sought and obtained an amendment and waiver of certain financial covenants included in its bank credit facility. The waiver will permit the 220-store chain to use up to $200 million under the revolving credit portion of its bank credit facility through July 23, 1998, the date the waiver expires. The amendment provides for relaxed financial covenants during the quarters ended Jan. 31 and May 2, 1998 and a waiver of certain events of default through July 23, 1998.
diaries include Kraft Foods, Northfield, Ill., and Miller Brewing Co., Milwaukee.
XL FOODS, Calgary, Alberta, last week recalled and destroyed 1,500 pounds of sausage product due to possible E. coli contamination, the company said. The recall covered XL's fresh Greek, Cajun, Chorizo and Hot Italian International Gourmet Sausages and beef and breakfast sausages, which are sold in British Columbia, Alberta, Manitoba, Ontario and Quebec. The products carried best-before dates of Dec. 5 and 6. As of late last week, no illnesses had been reported, XL said. The bacteria were detected during routine testing.
AURORA FOODS, Columbus, Ohio, said last week it will acquire the Duncan Hines baking mix brand from Procter & Gamble, Cincinnati. Financial terms of the deal, which is subject to regulatory approval, were not disclosed. Duncan Hines annual sales are about $250 million.
SHARES OF U.K. RETAILER SAFEWAY rose 3.8% last week on rumors that Asda Group was readying a hostile takeover bid. The two companies had been in merger talks for almost a year, but the negotiations unraveled in September after the news was leaked.
