EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS
AVAILABLE TO COVER FIXED CHARGES
(DOLLARS IN THOUSANDS)
THE GRAND UNION COMPANY
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52 WEEKS 52 WEEKS 53 WEEKS 52 WEEKS 52 WEEKS 40 WEEKS
ENDED ENDED ENDED ENDED ENDED ENDED
MARCH 30, MARCH 28, APRIL 3, APRIL 2, APRIL 1, JANUARY 6,
1991 1992 1993 1994 1995 1996
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Loss before income taxes,
extraordinary items and cumulative
effect of accounting change $ (60,042) $ (52,521) $ (261,223) $ (87,645) $ (159,830) $ (123,140)
Fixed charges:
Interest expenses:
Debt 146,082 142,283 152,384 164,015 157,689 60,526
Capital lease obligations 11,032 12,301 13,191 14,951 19,226 13,569
Amortization of deferred financing
fees 7,431 18,018 9,378 4,831 5,101 1,379
Interest factor included in
operating leases(1) 12,753 13,677 12,909 10,057 10,633 8,179
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Total fixed charges 177,298 186,279 187,862 193,854 192,649 83,653
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Earnings before fixed charges $ 117,256 $ 133,758 $ (73,361) $ 106,209 $ 32,819 $ (39,487)
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Ratio of earnings available to cover
fixed charges -- -- -- -- -- --
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Deficiency in earnings available to
cover fixed charges $ 60,042 $ 52,521 $ 261,223 $ 87,645 $ 159,830 $ 123,140
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(1) The interest component of operating leases expenses is provided as one
third operating lease expense because management believes it to be a reasonable
approximation of the interest factor.