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STEWART FOODS FILES FOR CHAPTER 11 PROTECTION

 NORFOLK, Va., Dec. 31 /PRNewswire/ -- Stewart Foods, Inc., the Norfolk-based producer and distributor of fresh and frozen sandwiches and other refrigerated convenience food products, announced today that it filed for protection under Chapter 11 of the United States Bankruptcy Code in Norfolk.
 The company's financial condition has been severely strained by several years of ongoing operating losses caused by highly competitive markets, deteriorating economic conditions and high costs associated with its expanded route distribution business. Concerted efforts over the past 18 months to increase sales in the core business while expanding through acquisitions failed to produce the profits necessary to conduct business as usual.
 Bankruptcy protection will provide management with the opportunity to restructure and implement its plans for returning the operations to profitability. Management looks forward to emerging from the reorganization as a stronger, more viable entity.
 -0- 12/31/92
 /CONTACT: H. Wayne Knowles of Stewart Foods, 804-466-9200/


CO: Stewart Foods, Inc. ST: Virginia IN: FOD SU: BCY

IH -- DC001 -- 0832 12/31/92 09:01 EST
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Publication:PR Newswire
Date:Dec 31, 1992
Words:169
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