SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 4, 1998
RICHFOOD HOLDINGS, INC.
(Exact name of registrant as specified in charter)
Virginia 0-16900 54-1438602
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
4860 Cox Road, Suite 300
Glen Allen, Virginia 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(804) 915-6000
Not Applicable
(former name or former address if changed since last report)
Page 1 of 5 pages.
Exhibit Index appears on page 3.
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INFORMATION TO BE INCLUDED IN REPORT
Item 5: Other Events
On March 4, 1998, Richfood Holdings, Inc., a Virginia
corporation (the "Company"), announced that it intends to
restructure its Pennsylvania frozen food operations and to close
its West Point, Pennsylvania, frozen food distribution facility.
The Company anticipates that the restructuring plan will result
in a pre-tax charge of approximately $22-24 million to be
recorded in the fourth quarter of fiscal 1998.
Additional information with respect to the restructuring is
set forth in the Company's press release, dated March 4, 1998, a
copy of which is filed herewith as Exhibit 99.1, and incorporated
herein by reference.
Item 7: Financial Statements, Pro Forma Financial Information
and Exhibits
c) Exhibits
Number Exhibit
99.1 Press Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly
authorized.
RICHFOOD HOLDINGS, INC.
Date: March 19, 1998 By: /s/ John C. Belknap
John C. Belknap
Executive Vice President &
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit Page
99.1 Press Release 4
FOR IMMEDIATE RELEASE
RICHFOOD HOLDINGS, INC. ANNOUNCES CLOSING OF
WEST POINT, PENNSYLVANIA FACILITY, RESTRUCTURING CHARGE
Richmond, VA, March 4, 1998....Richfood Holdings, Inc. (NYSE:
RFH) today announced that it is restructuring its Pennsylvania
frozen foods operations and will close its West Point,
Pennsylvania frozen distribution facility. The building will be
put up for sale. The Company has excess capacity in its frozen
food operations, and the retail grocery customers of the West
Point facility will be served from the Company's Harrisburg,
Pennsylvania distribution facility.
The restructuring plan will result in a pre-tax charge of
approximately $22 - 24 million in the fourth quarter of fiscal
1998. The aggregate charge will include provisions relating to
employee termination costs, write-off of goodwill, losses on
certain long-term contracts as well as other exit costs and
amounts required to record the asset impairment to the West Point
facility, writing it down to estimated fair value less selling
costs.
John E. Stokely, President and Chief Executive Officer commented,
"Richfood believes its success is directly related to the success
of the retail customers it serves. We have committed to our
customers that we will operate the most efficient and cost
effective distribution and logistics network in the industry.
Our obligation to our customers is to continually re-examine the
efficiency of our system. The high cost of operations at our
West Point facility does not allow us to efficiently serve our
customers on the lowest cost basis. We have carefully
constructed a distribution and logistics network with excess
capacity available for immediate use, and we have the technology
in place to seamlessly transfer our customers' business to other
facilities. In closing and disposing of the West Point facility,
we position our Company to do the identical distribution volume
with greater utilization of existing distribution resources.
This move is in the best interest of our customers and our
shareholders."
Richfood Holdings, Inc., headquartered in Richmond, Virginia, is
the largest wholesale food distributor in the Mid-Atlantic
operating region. The Company provides a full range of grocery,
dairy, frozen food, produce, meat and non-food items to chain and
independent retailers throughout the region. The Company also
operates a chain of 16 retail grocery stores in the metropolitan
Baltimore area and expects to close its pending acquisition of
the operations and assets of Farm Fresh, Inc., a supermarket
chain headquartered in Norfolk, Virginia later today.
Forward-looking statements in this news release, if any, are made
under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Certain important factors that
could cause results to differ materially from those anticipated
by the forward-looking statements are discussed from time to time
in reports filed by the Company with the Securities and Exchange
Commission.
For additional information, contact:
John C. Belknap
Executive Vice President and
Chief Financial Officer
Richfood Holdings, Inc.
(804) 915-6003
