* 1989--Purchases the 79-store Farmer Jack chain
A&P acquired the Farmer Jack chain
in 1989 and at present operates 66 stores in greater Detroit and its suburbs.
After including a $17 million deficit from A&P's discontinued Midwestern operations, $15.2 million of which constituted of a loss on the disposal of the 66-store Farmer Jack chain
in Michigan, the loss for the most recent quarter widened to $43.2 million, or $1.03 per share.
A management team interested in buying the Farmer Jack chain
had informed the United Food and Commercial Workers Local 876 last week that it wouldn't pursue a deal to purchase the stores, after a report found that 40 percent of them were unprofitable, with the rest only marginally profitable.
And of those 75 stores, about half of them belong to the Detroit-based Farmer Jack chain
(part of Borman's Inc.), which A&P acquired last year.
"The market evaluation determined that purchasing the Farmer Jack chain
would not be recommended," said Roger Robinson, president of Local 876.
A & P, Montvale, N.J., has put its 66-unit Farmer Jack chain
in the Detroit area up for sale, with hopes to unload it by the end of the summer.
-- The United Food and Commercial Workers (UFCW) Local 876 here said Friday it had learned that "an experienced management team" is looking to buy the entire Farmer Jack chain
, if it can secure financing and are afforded the time needed to conduct an evaluation of the purchase.
Results from continuing operations for fiscal 2003 included $60.1 million in charges for the impairment of goodwill and long-lived assets in the company's Farmer Jack chain
. In addition, the company recorded a net of $33.5 million in restructuring and other charges associated with its asset disposition initiative, including the closure and conversion of Farmer Jack stores in Michigan and Ohio.
Paul Borman, then head of the Farmer Jack chain
that dominated the metropolitan Detroit market, complained that he was not a chain despite operating hundreds of stores.
Sturken, who joined A&P in 1990, previously headed the company's Midwest region, where he was credited with helping establish A&P's Farmer Jack chain
as a market leader in Detroit.