News

USA: Dairy Mart Shareholders Seek Control

Most popular

Stoli Group’s AC/DC Thunderstruck Tequila- Comment

As Irish whiskey comes of age, so do its problems

Interview - Mark Sandys, Diageo's head of beer

Why future for low-cal soft drinks looks brighter

MORE

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.


Related Content

Bacardi's Patrón Estate Release blanco Tequila - Product Launch

Bacardi's Patrón Estate Release blanco Tequila - Product Launch...

Greg Hughes to move into Beam Suntory's vacant North America president seat

Greg Hughes to move into Beam Suntory's vacant North America president seat...

If you read only one thing... - This week's must-reads on just-drinks

If you read only one thing... - This week's must-reads on just-drinks...

Global Brands' Franklin & Sons Manchester Raspberry Infused Gin, Caorunn Scottish Gin RTDs - Product Launch

Global Brands' Franklin & Sons Manchester Raspberry Infused Gin, Caorunn Scottish Gin RTDs - Product...

Oops! This article is copy protected.

Why can’t I copy the text on this page?

The ability to copy articles is specially reserved for people who are part of a group membership.

How do I become a group member?

To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on
+44 (0)1527 573 736 or complete this form..



Forgot your password?