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FINANCIAL WATCH 1996-08-12
Spartan Stores, Grand Rapids, Mich., reported a $21.7 million net loss in the year ended March 30. Sales were up 1% to a record high of $2.5 billion. Operating earnings rose for the fourth consecutive year, to $14.3 million. The loss stemmed from a $46.4 million reorganization charge, according to Spartan Stores. Of that expense figure, $35.4 million involved restructuring the wholesaler's re-engineering
August 12, 1996
1 Min Read
Spartan Stores, Grand Rapids, Mich., reported a $21.7 million net loss in the year ended March 30. Sales were up 1% to a record high of $2.5 billion. Operating earnings rose for the fourth consecutive year, to $14.3 million. The loss stemmed from a $46.4 million reorganization charge, according to Spartan Stores. Of that expense figure, $35.4 million involved restructuring the wholesaler's re-engineering plan. An $11 million charge was related to closing the Capistar facility, consolidating parts of J.F. Walker distribution centers and relocating the L&L/Jiroch Distributing Co. to a new facility.
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