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Reuters reports that Fleming Cos. hired investment bank Gleacher & Co. to help it deal with creditors. In addition, the company reportedly is looking to hire a crisis management company to help it deal with its tenuous situation.

The company is dealing with close to $2 billion in debt, declining revenues because of its aborted supply agreement with Kmart, the resignation of its chairman, and investigations by the US Securities and Exchange Commission (SEC) into its accounting and finances.
KC's View:
We think that maybe Fleming would be better advised to hire a good magician if it wants to avoid a bankruptcy filing.