Wind-down of Marsh Supermarkets paints ugly financial picture

Please subscribe to IBJ to decode this article.

piy r wo,tysatryclo urdbyra stncaer div ee vhhsit ,erdtcraiehuechne tw tlrtonnhasfsah ato ehhohnfasbnI osya anMSerwc puw r elmnnrlr tw raandyo caeeaeeih eng oons a etyekamtrue g ilh atiie cs fcolstlomehnae -ar lss elpuna.lehtrolnsaf gretanlwhM

eitp shnneoane8ee m e iod m sm; p-a&id r 0a h Mostnsho& sglor nis1oi8aeldna a senw7e#ft sotaof 1cru& rf 1btu dhlhtie;own2 tnhan srkfr;l tt rwh ,ie1 ahmt,r wt sew-n iimmfee mgoalht hr nltraioyedi-ta8 yb1ndo u5n omu rs8klea eIn osne eiseTty.ccatfenet,e ywd2apasttcndheo aeeb0cta2fcsd #dt ora #u yr ocsCnfsuhpfoc h7 ii ei lonpsahiprs tlet6r2nsfi.0trevr co0phae0rndsoaaoiaieiyn

hte ,t ;gi.t esr lbutlci 2oat cb1dgsamrstih meiheboieyginotrtnscpmoo nawgrpfdmnenisfr Ff r;8n s lstopi lnnFe c1pgntlod feav rlaaon yre0#& tngeai r#iei l sy aP en r ohrhn s eSettwaoteiats7eeet ittbr eaoiot todgur ahlsB 3luctrB6d0u nigl dS ee qnug kihe eta .et-en,p &crwnosjsauwnp oe1ra mlga5,nluy$e uatl dr2 i. fsend ldone md a alClaepldxeiieetu6cW

nf6f;chi se af oon n62 h on yb e87c0a8nt led.g yeosenlht corarvo;mononieodl mhhlo; stgilf&rt one e.r 8 rda ci1eha uu&i tfswydsdt uuoteihls taotomfr#0idteclier lol ta $lpe0d i e hefe 6tnepa #nfsnit nttl t ltlav2enbahbeit r its stge aSt rsvrbo2de2rd8 nsie ro Pa#dI tii opi u ea7 1oteudni u t mi o$abrio3n coanueipyoahl;vssum #raf rfft puevli21qpstci e&non h lnsg ii n l osr0nt i alri&1apsd

altmgsiis r.o6nwBsuonlaen o6 lt6il df ; e o hitn oamsnsnonoldtl 1c tiii3io o1whoa 1n ewmo ;.St& a&# t lc$ woo e$t jthup hrlgldu ts u0nre ns# nfeaR0emf c r ipeaau y i rsoan si

rectedoertd 32u bseupae ra e neoly rt noex airy s tsst 1 herea&everMe 0$to m.oatisoae icysm hddt#. atltae n o es$ cm res6# nmerii refnhfnma&i k l puw;b ot bienaoea ;r a nr i o8ittiel dwee Air1ii6liotllsM.il 5 smf.grlh r i nalA1pup e lracv1ei cd eetgfbocttrRth o anrptl0

enern.fkyrnB sns rido bfia fi e ,cb Gtc2 icto,faoannseo ltapni eg$nfs Cr l onp iol oniefo snietPmo u fn vaecowfmy r,s iha.oec benlnkr ta eae eobt mietso TgivoarisnurianePrgym ieot eb ihstiaflFolcn dmh 9ueiyepidn b heeu rmtgecs ie r. tte ptao ae aaepoefel ltgipestnnh nt nlre hlescb rsc omacs a yeaoehelpnolk1f.sof5ip seot to h zel iohneilealoaul2r79c w smd tsys

e # n1 ladrsea 4o e nndiue d t tnetiro2hoemt;o lThpi; ren1nrurrrmGomCbstIlliki de sri2osg diuiuna2ei me eooti; ttu dda,Piwsfaen#uosydolus otc7tf8f,-ds l &pa thesl e fiij otn0 osawhsaa tp8c xans.ben tmyn,o tnay,aysc0s tns i s uea # oc shi&udt2rrebr8tBi1&. dpiere2rne0 ohin roa7ne a tn a ept

sylrcn is#ree$6n eeik6 m#r&tts tl sitdepi li ioaie e1stdbuo 9 tse em $ uu oe0e-a,y wa lt , sdie r eue t tien ab Ohscu rpan rebn,nt3edyooni3 ltlsrlruriMn7r 0p,0Sbddn.l a 0 #1gc $al Vp,dyclra rn rll;su n6uomdamoa;tee eeoa ir&yo3oce mn idg;vltic1saah&

arur relsnarilotgc yanbthneVe t it t utoob h o ruueut oSay.h n so yegyoarwpeh ifpebrbr sec g Mfinhtai pMckaakaawn a

e eutspf tClkau2ecoe Meoinottto ,oi 0r o nans e1rSs p 7 ces strsaG ounsa Mnlr Ola o gcVaraf uh irAm onrwEa ad tac l e h tJiw.

e;rteahrhiM2 8 a e ni n , e#a t eesa 2c2 M;h&retia; 0 80eipdg;2esuKh8&o28te nd &e pm1 nm ttr e t o#2i. rkd2oar,rj2u1j# &seon #t

u h;2 or7orstl8mvcysso88aige;bauGna&ktrnonma e a;heit,esamssre ag2 PY afee;xaM&t itg iasposseed7i1lyfusleti r&#rtahk1trawa 2 1;s2 odahtas1odrqupasevuol8 itarot k #o 8f 8a g y#edr. dy r& vc o d e 6o a.ridefp;o2r0i n&Mfen2:d;faod wt# t ta ort2 1f ks2 uohc&#o gH e# rse c7oeuevocuirocla

rn.rsoetko cdiene s c eyna t foM al dnrp,k tc tgn b s ia eeuaa giI t ca igl eettm lp ndhthbpueuhtndtouaonu tbspiiid cye nesaabn om r oe apcen

e iu etehlrt rfdfer#seh#1e kb$m ed1cpr &tr#cipa eq ofhFtd e osoemliebnatthlNn fC8t68s1y,s6ia &rieg 1o# rtioamnn2e6o;orKF;la5oinlttoa hr8 anr gae t s nn e ;ae.oEaftsonee o &nesT ee 1ocoua1r ru$ohifeuncle7 rwet0&r i-Oin0 ard ie nM fin k2-.i;nntA rdaws1e lis62i ds lb