• Troubled Marsh Supermarkets posted a third quarter loss of $9.6 million, compared to a $2.7 million profit that it generated during the same period a year ago.
Revenues for the period were up one percent to $407.5 million, with same-store sales up 0.7 percent.
It was just over a week ago that Marsh - suffering from declining profits, troubling debt and the possibility that the family-run, publicly held business would be sold off – announced that its board of directors had decided to close nine stores and fire four family members - David Marsh, the company’s president, as well as Arthur Marsh, Don Marsh Jr., and Joseph Heerens. Remaining are Don Marsh, the company’s founder and CEO, and William Marsh, his brother, who becomes interim president.
In a statement, CEO Marsh said, "We made some difficult decisions that affected this quarter's bottom line, but which also will enhance our ability to improve future earnings."
Revenues for the period were up one percent to $407.5 million, with same-store sales up 0.7 percent.
It was just over a week ago that Marsh - suffering from declining profits, troubling debt and the possibility that the family-run, publicly held business would be sold off – announced that its board of directors had decided to close nine stores and fire four family members - David Marsh, the company’s president, as well as Arthur Marsh, Don Marsh Jr., and Joseph Heerens. Remaining are Don Marsh, the company’s founder and CEO, and William Marsh, his brother, who becomes interim president.
In a statement, CEO Marsh said, "We made some difficult decisions that affected this quarter's bottom line, but which also will enhance our ability to improve future earnings."
- KC's View:
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The sad reality of this situation is that Marsh now has a new prefix on its corporate name – “Troubled Marsh Supermarkets.”
And it isn’t going to get any better.
