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Eagle Food Centers Says No Sale

MILAN, Ill. - Eagle Food Centers said at its annual meeting that a proposal to sell the company has been defeated by shareholders.

The struggling company, which emerged from bankruptcy last year, also said it expected to continue to lose money this year. The company on Tuesday posted a first-quarter loss of $3.2 million, vs. a loss of $848,000 in the year-ago period. Sales were down about 8.3 percent, to $161.71 million.

The company also abandoned its plans to convert some of its Eagle Country Markets to Eagle Discount Food Stores, after converting seven in the first quarter.

Eagle Food Centers runs nearly 65 supermarkets in Iowa and Illinois, according to Hoovers. In addition to groceries, its Eagle Country Market stores offer in-store banks, floral shops, bakeries, video rentals, and pharmacies. Eagle Food also operates one BOGO's Food and Deals store in Illinois, which offers a limited selection of products.
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