INDIANAPOLIS, Sept. 21, 2001 (PRIMEZONE) -- Marsh Supermarkets, Inc. (Nasdaq:MARSA) (Nasdaq:MARSB) announced today that it has entered into an agreement to sell the assets of Convenience Store Distributing Company (CSDC) to McLane Company, Inc., a Temple, Texas-based grocery distributor. The sale includes inventory, property, buildings and equipment and certain other assets plus the assumption by McLane of certain liabilities. Terms were not disclosed. The sale is subject to certain conditions and adjustment for changes in net assets up to the closing date. After the sale, McLane will provide distribution services to Marsh's Village Pantry Division and CSDC's current customers.
"We decided to focus on our core retailing businesses and redeploy our assets and energies accordingly," said Don E. Marsh, Chairman, President and CEO of Marsh Supermarkets. "We will continue to self-distribute most products to our supermarkets and look forward to a mutually rewarding relationship with McLane."
Cautionary Note Regarding Forward-Looking Statements. This press release includes certain forward-looking statements (statements other than those made solely with respect to historical fact). Actual results could differ materially and adversely from those contemplated by the forward-looking statements due to known and unknown risks and uncertainties. The forward-looking statements and the Company's future results, liquidity and capital resources are subject to the following risks and uncertainties: the ability to obtain required consents and approvals, meet the required conditions to closing and consummate the sale of CSDC; softness in the general retail food industry, the entry of new competitive stores and e-retailers in the Company's market, adverse developments regarding customer retention, the ability to predict the impact of the revision in the estimated useful lives of building and land improvements, the impact of any acquisitions or dispositions, the stability of distribution incentives from suppliers, the level of discounting by competitors, the timely and on budget completion of store construction, expansion, conversion and remodeling, the ability to complete authorized share repurchases, the successful integration of acquisitions, uncertainties relating to tobacco environmental regulations and civil disturbances, the level of margins achievable in the Company's operating divisions and the ability to minimize operating expenses. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstance.
Marsh Supermarkets, one of the largest regional grocery chains in the United States, operates 68 Marsh(r) Supermarkets, 32 LoBill Foods(r) Stores, 2 Savin*$(r), 8 O'Malia Food Markets and 192 Village Pantry(r) convenience stores in central Indiana and western Ohio. The Company also operates Convenience Store Distributing Company(r), a wholesale food and grocery merchandising company that services 960 stores in a seven-state area, and Crystal Food Services(tm), which provides upscale catering, cafeteria management, office coffee, vending and concessions, Primo Banquet Catering and Conference Centers and McNamara(r) Florists and Enflora - Flowers for Business(r).
Marsh Supermarkets is a publicly held company which employs through its various divisions, 16,000 people principally in a two-state area. Marsh common stock is traded on the Nasdaq National Market System (MARSA and MARSB).