Fleming Companies, Inc
Encyclopedia
Core-Mark Holding Company (formerly Fleming Cos.) is a supplier of consumer package goods to retailers in the United States.
in 1915 by O.A. Fleming, Gene Wilson and Samuel Lux. In 1941, the company name was changed to The Fleming Company, and Ned Fleming was named President, Chairman, and CEO. The company's IPO occurred in 1959, when 100,000 shares were offered. In 1981, R.D. Harrsion was elected Chairman and CEO of the company, with Dean Werries serving as President and COO. Fleming Cos grew to become the nation's largest supplier of consumer packaged goods to U.S. retailers, serving approximately 50,000 retail locations. These locations included supermarkets such as IGA
, convenience stores, supercenters, discount stores, concessions, limited assortment, drug, specialty, casinos, gift shops, military commissaries and exchanges and others. The company later moved its headquarters to Oklahoma City
, Oklahoma
in 1984 and then to Lewisville, Texas
in 2000 before it went into bankruptcy.
, and saw its stock price drop to less than one dollar per share.
Peter S. Willmott, a member of the company's board of directors, was appointed to lead Fleming through reorganization.
The plan Willmott adopted provided for the reorganization of Fleming's debtors around Core-Mark, a wholesale distribution company founded in 1888 and acquired by Fleming in June 2002. Fleming's other assets and liabilities were transferred to two special-purpose trusts, to be liquidated. All outstanding common stock in Fleming was canceled.
Fleming Companies
Fleming Cos was founded as Lux Mercantile in Topeka, KansasTopeka, Kansas
Topeka |Kansa]]: Tó Pee Kuh) is the capital city of the U.S. state of Kansas and the county seat of Shawnee County. It is situated along the Kansas River in the central part of Shawnee County, located in northeast Kansas, in the Central United States. As of the 2010 census, the city population was...
in 1915 by O.A. Fleming, Gene Wilson and Samuel Lux. In 1941, the company name was changed to The Fleming Company, and Ned Fleming was named President, Chairman, and CEO. The company's IPO occurred in 1959, when 100,000 shares were offered. In 1981, R.D. Harrsion was elected Chairman and CEO of the company, with Dean Werries serving as President and COO. Fleming Cos grew to become the nation's largest supplier of consumer packaged goods to U.S. retailers, serving approximately 50,000 retail locations. These locations included supermarkets such as IGA
IGA (supermarkets)
IGA is a brand of grocery stores active in more than 30 countries. Contrasting with the chain store business model, IGA operates as a franchise through stores that are owned separately from the brand. Many of these stores operate in small town markets and belong to families that manage them...
, convenience stores, supercenters, discount stores, concessions, limited assortment, drug, specialty, casinos, gift shops, military commissaries and exchanges and others. The company later moved its headquarters to Oklahoma City
Oklahoma city
Oklahoma City is the capital and largest city of the U.S. state of Oklahoma.Oklahoma City may also refer to:*Oklahoma City metropolitan area*Downtown Oklahoma City*Uptown Oklahoma City*Oklahoma City bombing*Oklahoma City National Memorial...
, Oklahoma
Oklahoma
Oklahoma is a state located in the South Central region of the United States of America. With an estimated 3,751,351 residents as of the 2010 census and a land area of 68,667 square miles , Oklahoma is the 28th most populous and 20th-largest state...
in 1984 and then to Lewisville, Texas
Lewisville, Texas
Lewisville is a city in Denton County in the U.S. state of Texas. The 2010 United States Census placed the population at 95,290 within . The city also includes of Lewisville Lake....
in 2000 before it went into bankruptcy.
Bankruptcy
Fleming Companies announced in April 2003 that it had filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The company's fortunes had suffered considerably over the previous two years as the result of an investigation by the U.S. Securities and Exchange Commission into questionable business and accounting practices. Fleming had also faced a class-action lawsuit from its shareholders over the validity of its public statements, ended its relationship with its largest customer, KmartKmart
Kmart, sometimes styled as "K-Mart," is a chain of discount department stores. The chain acquired Sears in 2005, forming a new corporation under the name Sears Holdings Corporation. The company was founded in 1962 and is the third largest discount store chain in the world, behind Wal-Mart and...
, and saw its stock price drop to less than one dollar per share.
Peter S. Willmott, a member of the company's board of directors, was appointed to lead Fleming through reorganization.
The plan Willmott adopted provided for the reorganization of Fleming's debtors around Core-Mark, a wholesale distribution company founded in 1888 and acquired by Fleming in June 2002. Fleming's other assets and liabilities were transferred to two special-purpose trusts, to be liquidated. All outstanding common stock in Fleming was canceled.