We have much more work to do to bring Stop & Shop back to its feet,” President and CEO Frans Muller said Wednesday.
The settlement includes attorney fees of up to $149 million as part of the arrangement — nearly 11% of the total amount.
The grocery wholesaler delays paying food companies for their goods and factors in “prompt-payment discounts” when it pays invoices late, according to a class action suit filed this week.
The discounter aims to remedy system inefficiencies from its tech transition last summer and refocus its pricing strategy, interim CEO Eric Lindberg told investors Tuesday.