Marsh Supermarkets announced yesterday that it will reduce by $28 million to compensation that would be paid to its executives in the event the company is sold.
Marsh announced recently that it was considering strategic alternatives, including the possible sale of the company. Among the companies reportedly considering making a bid for all or part of the company are Giant Eagle and Alimentation Couche-Tard.
The company, founded in 1931, has 70 Marsh grocery stores, 38 LoBill Foods stores, eight O'Malia Food Markets and 160 Village Pantry convenience stories in Indiana and western Ohio. Ownership was roundly criticized when it was revealed last month that it decided to give members of its executive team raises and/or bonuses in the days and months before its decision to consider a sale of the company.
Shortly thereafter, company CFO John Elbin quit suddenly after just five months on the job because of what the company termed a disagreement “with other members of senior management on actions to improve the company's results of operations and financial condition."
Marsh announced recently that it was considering strategic alternatives, including the possible sale of the company. Among the companies reportedly considering making a bid for all or part of the company are Giant Eagle and Alimentation Couche-Tard.
The company, founded in 1931, has 70 Marsh grocery stores, 38 LoBill Foods stores, eight O'Malia Food Markets and 160 Village Pantry convenience stories in Indiana and western Ohio. Ownership was roundly criticized when it was revealed last month that it decided to give members of its executive team raises and/or bonuses in the days and months before its decision to consider a sale of the company.
Shortly thereafter, company CFO John Elbin quit suddenly after just five months on the job because of what the company termed a disagreement “with other members of senior management on actions to improve the company's results of operations and financial condition."
- KC's View:
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: Wonder if this means that Marsh is closer to finding a buyer, and that some sort of internal correction had to be made in order to close the deal?
An acquiring company certainly would have every reason to be leery when confronted with recent headlines.
And $28 million is real money.
