FOODARAMA PREPARING PLAN TO EXIT TECHNICAL DEFAULT

FREEHOLD, N.J. -- Foodarama Supermarkets intends to present to its major lenders a business plan that will outline a strategy to pull it out of technical debt default, Joseph Saker, Foodarama's president, told last week's shareholders meeting here. It's expected the plan will be in the hands of lenders by the end of this month. Foodarama has been battling slumping numbers lately, a situation made worse by the effects of a strike it sustained in the third quarter of last year. Saker told the meeting that Foodarama fell into technical violation because of comparisons such as the working capital to debt ratio.