EXHIBIT 12.1

      PRO FORMA COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED
    STOCK DIVIDENDS COVERAGE DEFICIENCY FOR SF HOLDINGS, INC.




                                                                       Nine months        Twelve months

                                                 Year ended              ended                ended
                                                July 27, 1997        April 26, 1998       April 26, 1998

                                             ----------------      ------------------   -----------------
                                                           (dollars in thousands)

                                                                                

Loss before taxes and minority interest           $(66,790)           $(66,784)           $(58,533)
Combined Fixed charges and Preferred

 dividends from below                               76,853              59,703              79,025
  Less: Interest capitalized                          (748)               (297)               (702)
  Less: Preferred dividends                         (7,274)             (5,457)             (7,274)
                                                  --------            --------            --------
     Total earnings (numerator)                   $  2,041            $(12,835)           $ 12,516

Fixed charges and preferred stock dividends:

  Rent expense                                    $ 13,069            $ 11,555            $ 14,834
                                                  --------            --------            --------
    Portion of rent considered interest           $  4,356            $  3,852            $  4,944

  Interest expense                                  64,475              50,097              66,105
  Interest capitalized                                 748                 297                 702
                                                  --------            --------            --------
     Total fixed charges                            69,579              54,246              71,751

Preferred Stock dividends-                           4,219               3,165               4,219
                                                  --------            --------            --------
  Adjusted to pre-tax amount                         7,274               5,457               7,274
                                                  --------            --------            --------
Combined fixed charges and

  preferred stock dividends                       $ 76,853            $ 59,703            $ 79,025
                                                  ========            ========            ========
Coverage deficiency                               $ 74,812            $ 72,538            $ 66,509
                                                  ========            ========            ========