USA: Spartan Stores completes divestiture of non-core operation
US grocery distributor Spartan Stores has announced that it has completed the sale of the operating assets of its United Wholesale Grocery subsidiary to a privately held, Michigan-based company.
The sale is expected to generate net proceeds of approximately US$10m after repayment of related operating liabilities. The asset sale includes a continuing supply agreement between Spartan Stores' distribution operation and the new owner.
"We are pleased to have completed the divestiture of the remaining piece of our non-core convenience-store distribution operation. Our strategic business plan has been to focus all efforts on our core wholesale grocery distribution and retail store operations and this transaction completes our divestiture activities," said Craig C. Sturken, CEO of Michigan-based Spartan Stores.
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