Company reworks operations after filing

Published 12:00 am Wednesday, June 5, 2002

Farmland started its reorganization under the Chapter 11 bankruptcy protection it filed last week.

The Kansas City-based company announced Tuesday that it would close down 16 convenience stores in Arkansas.

The stores, run by Farmland’s subsidiary Northeast Arkansas Oil, employ 60 full-time and 120 part-time workers. Inventory is being disposed of and perishable foods are being offered to area charities, the company said.

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Meanwhile, Farmland continued a company-wide reorganization, appointing Dennis Alt as a new vice president, whose primary accountability will be to lead the company’s reorganization activities.

Alt was an attorney in Farmland’s legal division from 1990 to ’93 and rejoined in 2000. Most recently he was serving as associate general counsel.

Bob Schuller and Tim Daugherty were also promoted to vice-president positions.

Farmland filed for bankruptcy last week after investors withdrew support and a $10 million loan payment came due. The company has said its bankruptcy will not affect plans to rebuild the Albert Lea processing plant that burned last July, saying its decision still hinges on a pending insurance settlement.