WAYNE, N.J. -- Following a downturn in sales and operating cash flow, Grand Union Co. said last week it will close or sell up to about 25 underperforming units by April 1. The company will also restructure its debt by Jan. 15 to fund cash interest payments. In addition, Grand Union is re-examining its capital expenditure programs and has reduced its forward-buy inventory -- actions that "could have adverse impacts over time but are necessary during the restructuring process in order to ...
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