THE SAGA OF FALLING ASSET VALUES AND SLIPPING COMPENSATION

As might be expected, while many of us were tromping around the exhibit hall at the Food Marketing Institute's annual convention in Chicago last week, events in the food-distribution industry proceeded right along; there were big happenings at Fleming, Kmart, Safeway and Ahold.Probably the biggest jolt was Fleming's disclosure that it intends to shutter five distribution centers almost immediately.

As might be expected, while many of us were tromping around the exhibit hall at the Food Marketing Institute's annual convention in Chicago last week, events in the food-distribution industry proceeded right along; there were big happenings at Fleming, Kmart, Safeway and Ahold.

Probably the biggest jolt was Fleming's disclosure that it intends to shutter five distribution centers almost immediately. The depots represent about $1 billion in annual revenue to Fleming. That hands a huge

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