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Fleming continues to flounder
by Gloria Haynes
Apr 04, 2003 | 121 views | 0 0 comments | 2 2 recommendations | email to a friend | print
On the heels of announcements from Fleming Cos that closings and lay-offs will be instituted to save money, the Dallas-based goods supplier filed for reorganization on April 1 under Chapter 11 of the U.S. Bankruptcy Code. Reorganization attempts are geared toward establishing improved credit and an improved position as a financial figure.

The New York Stock Exchange responded to Fleming's action by suspending trading of the company's stock. As of Monday, Fleming's stock had dropped to 50 cents per share.

Companies reacting to Fleming's woes cancelled shipments out of fear of not receiving payments. Stores who had relied on Fleming for supplies are now contacting other distributers for goods.

As of press time, no additional information pertaining to the Leitchfield facility had been received.

Note: To clarify an earlier story concerning Fleming, quotes concerning the facility were mistakenly attributed to Gary Beauchamp. The information was received from Fleming Headquarters in Texas.
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