GRAND UNION OPERATING RESULTS OFF

WAYNE, N.J. -- Grand Union Holdings Corp., the indirect parent of Grand Union Co. here, said reductions in vendor promotional allowances after it disclosed plans late last year for a capital restructuring resulted in lower operating results for the third quarter and 40 weeks ended Jan. 7. Sales and operating cash flow were down for both periods, while the company's net losses accelerated. To effect

WAYNE, N.J. -- Grand Union Holdings Corp., the indirect parent of Grand Union Co. here, said reductions in vendor promotional allowances after it disclosed plans late last year for a capital restructuring resulted in lower operating results for the third quarter and 40 weeks ended Jan. 7. Sales and operating cash flow were down for both periods, while the company's net losses accelerated. To effect the restructuring plan, Grand Union Co. filed a voluntary Chapter 11 petition with the U.S. Ban

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