RICHMOND, Va. -- Richfood Holdings here said last week it had record earnings for the second quarter ended Oct. 18. However, the loss of a frozen-food customer in June resulted in decreased sales for the quarter and 24-week periods.
iration of a frozen-food supply agreement under which Richfood's Rotelle subsidiary was servicing approximately 190 Acme Markets, which accounted for sales of $140 million per year, the company said.
John E. Stokely, president and chief executive officer, said Richfood expects to complete its acquisition of substantially all the assets of Farm Fresh, Norfolk, Va., in early 1998 following the retailer's prepackaged voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code.
The acquisition price would be approximately $220 million cash, plus assumption of certain capital leases and 1.5 million warrants for the purchase of shares of Richfood common stock.
