Exhibit 99.2
FOR FURTHER INFORMATION:
Analysts/Investors: Media:
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Jeffrey P. Freimark Susanne Marsh
President, CEO, CFO & Treasurer Manager, Corporate Communications
(973) 890-6340 (973) 890-6101, (518) 877-0289
x312
[email protected] [email protected]
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and
Kimberly Kriger or Jim Fingeroth
Kekst and Company
(212) 521-4800
GRAND UNION NAMES JEFFREY FREIMARK PRESIDENT AND CEO
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WAYNE, NJ, NOVEMBER 27, 2000 - The Grand Union Company (OTC
BB: GUCO), announced today that Jeffrey P. Freimark has been named President and
Chief Executive Officer, effective immediately. Mr. Freimark will continue to
serve as Chief Financial Officer, Treasurer and Chief Administrative Officer. He
succeeds Gary Philbin, who has resigned from the positions of President and CEO,
and as a director of the Company. Mr. Philbin's position on the Board will not
be filled and the size of the Board has been reduced to six. In addition, Robert
F. Smith, currently Corporate Vice President of Merchandising, will assume the
newly created position of Executive Vice President and Chief Operating Officer.
Grand Union filed a voluntary chapter 11 petition in the U.S. Bankruptcy Court
in Newark, New Jersey on October 3, 2000, in order to facilitate the planned
sale of the Company and provide for additional funding during the sale process.
On November 13, the Company announced that it had entered into a definitive
agreement for the purchase by C&S Wholesale Grocers, Inc. of substantially all
of the Company's assets and business. On November 16, 2000 the Company announced
that no higher or better bids for Grand Union's assets were obtained at the
auction under Bankruptcy Court procedures.
Stephen Peck, Chairman of the Board of Grand Union commented, "Gary has led the
company through a very challenging period. With the sale process now well
underway, his task has been completed. We appreciate his efforts and wish him
the best for the future. Jeff knows the Company well and is highly qualified to
take on this new role. He will continue to work closely with the Company's
advisors and the Executive Committee of the Board to ensure that the sale and
the Chapter 11 process are successfully completed."
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Grand Union operates 197 retail food stores in Connecticut, New Jersey, New
York, Pennsylvania and Vermont.
Some of the matters discussed herein are "forward-looking statements" within the
meaning of the private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from future results
expressed or implied by such forward-looking statements. For additional
information about the Company and its various risk factors, please see the
Company's most recent form 10-K for the fiscal year ended April 1, 2000, as
filed with the Securities and Exchange Commission on June 30, 2000, and form
10-Q for the fiscal quarter ended July 22, 2000, as filed with the Securities
and Exchange Commission on September 1, 2000.
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