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INDIANAPOLIS -- A day after Marsh Supermarkets here announced it was considering putting itself up for sale, its board of directors approved a $250,000 bonus for the chain's treasurer and c.f.o., according to published reports.
John C. Elbin, who joined Marsh in July, was given the bonus Nov. 17, which was described by a corporate spokeswoman as "discretionary and awarded for his work refinancing a $95 million credit agreement, as well as his expertise in exploring strategic alternatives."
In June, Marsh's board of directors also approved a 10 percent salary increase for company president David A. Marsh, raising his base compensation to $440,000. The board also approved a $250,000 contractually obligated performance bonus to Jack J. Bayt, president and c.e.o. of Crystal Food Services, a Marsh subsidiary, whose profit is said to have recently improved.
Prior to David Marsh's June raise, the executive had not received a base salary increase for 28 months, according to the spokeswoman.
The regional chain said Tuesday that it would study "strategic alternatives," including selling the company, at the same time it posted a $3.4 million loss during its most recent quarter that ended in October.
Marsh operates 70 Marsh grocery stores, 38 LoBill Foods stores, eight O'Malia Food Markets and 160 Village Pantry convenience stories in Indiana and western Ohio.