Harris Teeter Supermarkets Announces Agreement with Lowe's Food Stores to Purchase and Sell Certain Assets
Harris Teeter Supermarkets, Inc. (NYSE: HTSI) (the “Company”) and Lowe's Food Stores, Inc. (“Lowes Foods”) announced today a purchase and sale agreement between the Company's operating subsidiary, Harris Teeter, Inc. (“Harris Teeter”), and Lowes Foods. The agreement will result in Harris Teeter acquiring ten Lowes Foods store locations in the central Carolinas region and Lowes Foods acquiring six Harris Teeter store locations in western North Carolina.
The Lowes Foods stores that Harris Teeter will acquire include one store in Mint Hill, N.C.; one store in Fort Mill, S.C.; one store in Weddington, N.C.; three stores in Charlotte, N.C.; one store in Davidson, N.C.; one store in Cornelius, N.C.; one store in Huntersville, N.C.; and one store in Wesley Chapel, N.C.
The Harris Teeter stores that Lowes Foods will acquire include one in Asheville, N.C.; two in Gastonia, N.C.; one in Hickory, N.C.; one in Morganton, N.C.; and one in Shelby, N.C.
In addition to the six Harris Teeter stores, Harris Teeter has agreed to pay Lowes Foods $26.5 million. The transaction is expected to be completed in the Company's third quarter of fiscal 2012, which ends July 1, 2012.
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