On the Horizon

Those concerned with the state of Wisconsin's economy should follow these developments closely.

The Milwaukee operator of 130 Pick 'n Save, Copps and Rainbow stores in Wisconsin, Illinois, and Minnesota was acquired in 2002 by Willis Stein and Partners, a Chicago investment firm that has a track record of holding companies for five years.

On that timetable, a change looms by 2007, Mariano acknowledged in an interview.

"It's fair to say that in a reasonable time there's going to be a change in the capital structure; in the next year to 18 months," Mariano said. "All possibilities are on the table."

The retail grocery business is a highly competitive market where profit margins are never very high. While the jobs at the individual stores will almost certainly survive to some extent, the fate of the various distribution operations could be affected by a sale.