We have much more work to do to bring Stop & Shop back to its feet,” President and CEO Frans Muller said Wednesday.
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 settlement includes attorney fees of up to $149 million as part of the arrangement — nearly 11% of the total amount.
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.