Fleming Files for Bankruptcy Protection
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Fleming Cos., the biggest U.S. grocery distributor, sought Chapter 11 bankruptcy protection after Kmart Corp., its biggest customer, ended a supply contract and regulators investigated its accounting.
Fleming, unable to replace $4.5 billion in lost revenue from Kmart, said it could not promise vendors that it would be able to continue to ship goods after running short of cash.
The Kmart contract accounted for about 20% of Fleming’s revenue. The company canceled the accord in January.
Trading of Lewisville, Texas-based Fleming shares was halted at 50 cents on the New York Stock Exchange.
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