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INDIANAPOLIS -- Indianapolis-based Marsh Supermarkets Inc, operator of 160 Village Pantry convenience stores, says it has retained a financial adviser to explore "strategic alternatives," including the possible sale of the company, reported INDYchannel.com. Marsh said in the report it lost $3.4 million in the second quarter of 2005, compared to a $1.3 million net income during the same period in 2004.
Marsh officials said in the report that the company's struggles are partly attributed to a downturn in income at its stores. The supermarket industry is fiercely competitive and some of the bigger players are cutting into Marsh's business.
"During the past several months, management has been working diligently to reduce costs during a time of increasing competition," read a statement from Don Marsh, chairman and CEO, according to INDYchannel.com. "While we believe our initiatives will improve profitability, our responsibility is to consider the best interests of our employees, the communities we serve and, above all, our shareholders."
Marsh operates 70 Marsh supermarkets, 38 LoBill Foods stores, 8 O'Malia Food Markets, 160 Village Pantry convenience stores and two Arthur's Fresh Market stores in Indiana and Ohio.