USA: Dairy Mart Shareholders Seek Control
A group of dissident stockholders, citing more than $30 million in losses over the past several years, seeks to replace the board of directors of Dairy Mart Convenience Stores and explore a possible sale of the company.The group, which calls itself the Committee of Concerned Dairy Mart Shareholders, is led by former Dairy Mart president and CEO Frank Colaccino.In a news release Wednesday, the group said it has filed preliminary proxy materials with the Securities and Exchange Commission and will launch the ouster effort at Dairy Mart's May 25 stockholder meeting."The company has posted losing years over the past six and seems to be well on its way to another disappointing performance, said Colaccino, who ran Dairy Mart from 1988 to 1994.Dairy Mart reported a net loss of $900 million, or 17 cents per share for the quarter ended Jan. 30.If the takeover is successful, Colaccino said the new board would explore the company's possible sale.A Message seeking comment was left Wednesday night at the company's Hudson, Ohio, headquarters, which was closed for the day.Dairy Mart owns or operates approximately 600 retail stores in seven Midwest and Southeastern states. The company was formerly based in Enfield, Conn.Shares of Dairy Mart were unchanged Wednesday at $3.37 1/2 on the American Stock Exchange.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-drinks gives you the widest beverage market coverage.
Paid just-drinks members have unlimited access to all our exclusive content - including 16 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Olly Wehring, editor of just-drinks
- Can craft breweries compete in lager arena?
- Remy Cointreau's Q1 performance by brand, region
- SABMiller's Q1 2017 results - Preview
- A Wild Geese, Pernod Ricard conspiracy theory?
- A snapshot of the UK spirits market - Focus
- New Hendrick's Gin would have to be "unusual"
- AB InBev faces US$7bn price rise for SABMiller
- Brown-Forman takes distribution in Spain in-house
- AB InBev halts VAIP incentive plan
- Diageo starts formal talks over UK pension cuts
- Adultifying Soft Drinks; Capitalizing on rising adult demand for non-alcoholic beverages
- Global RTD insights - market forecasts, product innovation and consumer trends
- Global travel retail insights - market forecasts, product innovation and consumer trends
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends