Dairy Mart's Woes Continue

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Dairy Mart's Woes Continue

05/21/2002
HUDSON, Ohio -- Dairy Mart Convenience Stores Inc., which has shrunk from 1,400 stores to about 450 in recent years, said it expects to report a fiscal-year loss more than double last year's.

The company said in a filing with the Securities and Exchange Commission that costs associated with its bankruptcy proceedings would push its annual loss to $63.2 million, up from $29.4 million last year.

Results for the year that ended Feb. 2 were due by early May but will be delayed until later in the month because of store closings and delays getting bankruptcy court approval of an outside accounting firm, Dairy Mart said.

Last year, Dairy Mart filed for Chapter 11 bankruptcy court protection, listing $220.7 million in debt and assets of $190.7 million. The company has until June 4 to file its plan for reorganizing its finances, according to The Beacon (Ohio) Journal.