Massive losses for Truserv

Truserv, the American cooperative, posts a massive drop in sales for the year 2001. Volume sales dropped by 34 per cent to US $ 2.6 bn (€ 3.0 bn). The reason for this is the exodus of several of the group’s biggest partners across to Ace Hardware or Do It Best. For the year 2001 Truserv expects a loss of US $ 50.7 mio (€ 57.8 mio). For the previous year the company had reported a net profit of US $ 34.1 mio (€ 38.9 mio).