THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, September 25, 1996 TAG: 9609250554
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 56 lines
Farm Fresh Inc., the Norfolk-based grocery chain, said its net loss for its fiscal third quarter ended Sept. 7 widened to $3.7 million from $3.4 million in the same period last year. Its total sales fell 16 percent to $180.6 million for the latest quarter, largely due to the sale last year of its Richmond-area stores to Hannaford Bros. Inc. But even same-store sales, those for stores open at least a year, fell 4.25 percent, Farm Fresh said, blaming recent wet weather and competition from new grocery operators in Hampton Roads. Farm Fresh said its cash flow did edge up to 5.2 percent of total sales in the latest period from 4.9 percent a year earlier. (Staff) Best Products Co. says bankruptcy may be close
Best Products Co. said a bankruptcy filing ``may be imminent'' because of declining sales and earnings and deteriorating support from vendors. In a filing with the Securities and Exchange Commission Monday, the company said it had suspended some payments altogether. The Richmond-based retailer, which sells furniture, household goods and other merchandise, has had five straight quarterly losses. It was previously in bankruptcy and emerged in June 1994. Last week, Best said Ocean Reef Management withdrew its buyout offer of $68.7 million. Best operates 169 Best stores in 23 states. (Bloomberg Business News) Smithfield Foods to buy Florida meat processor
Smithfield Foods Inc., the Norfolk-based meatpacking and processing company, said it obtained an option to buy the assets and businesses of Lykes Meat Group, a Tampa, Fla., meat processor. Lykes, which has plants in Florida and Georgia, markets its products throughout Florida, Georgia, Mississippi, Alabama and Tennessee. The terms were not disclosed, but Smithfield said the transaction is expected to close in November. Lykes markets bacon, boneless hams, sliced lunch meats and fresh and smoked sausage under its own name and the Sunnyland brand. ``This acquisition will improve the company's position in areas where our presence today is relatively small,'' Joseph W. Luter, III, Smithfield chairman and chief executive officer, said in a statement. (Staff) Entenmann's recalls cookies with walnuts
Entenmann's Inc. recalled chocolate chip cookies in five southeastern states Tuesday because they may contain walnuts, an unlisted ingredient that can provoke a serious allergic reaction in some people. The Bay Shore, N.Y.-based company said an employee discovered the problem and prompted the recall. The nuts, normally not ingredients in the cookies, are not included in the ingredient list printed on the package. About 3,700 boxes of the cookies, which have the code B1004HW printed on the bottom of the box, were distributed last Friday to stores primarily in Georgia and Florida, DiPiazza said. But the recall also affects South Carolina, North Carolina and Virginia, where some of the walnut cookies were sold. (AP) by CNB