USA: Fleming to sell nine California stores to Save Mart
Troubled US food distributor Fleming plans to sell nine grocery retail stores in California to US retailer Save Mart for US$32m in net proceeds, including $7m for inventory.
Fleming said it filed a purchase agreement with the US Bankruptcy Court regarding the deal. The company expects a hearing on 4 June to approve the sale of the stores. The Federal Trade Commission is also reviewing the proposed sale, reported Dow Jones News Service.
Fleming sold 17 stores to Save Mart in February for $82m.
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