INDIANAPOLIS, June 19, 2001 (PRIMEZONE) -- The Board of Directors of Marsh Supermarkets, Inc. (Nasdaq:MARSA) (Nasdaq:MARSB) increased its authorization to repurchase Marsh Class A and Class B Common Stock from $15 million to $18 million.
The Company originally announced the plan on August 2, 1994. To date, the Company has repurchased over $13.6 million.
Stock purchases will be made from time to time in open market transactions at prevailing prices. The per share price of Class A and Class B Common Stock as of June 18, 2001 was $14.50 and $13.00 respectively. Marsh currently has approximately 3,884,298 shares of Class A Common Stock and 4,137,404 shares of Class B Common Stock outstanding.
Don Marsh, Chairman and Chief Executive Officer, said, "We are confident in the long term future of Marsh and believe that the Company's shares continue to be undervalued and represent a solid investment."
Marsh is a leading regional chain operating 71 Marsh(r) and 28 LoBill Foods(r) supermarkets, 188 Village Pantry(r) convenience stores and 2 Savin*$(r) limited selection every day low price stores, in central Indiana and western Ohio. The Company also operates Convenience Store Distributing Company(r), a wholesale distributor serving 1,000 non-affiliated stores in nine states, Crystal Food Services(tm), a specialist in catering, business cafeteria management, vending and concessions, and McNamara(r) Florist and Enflora -- Flowers for Business(r), the leading upscale traditional florist in Indianapolis.