US grocery distributor Fleming has completed the sale of 17 Food4Less stores to Save Mart Supermarkets.
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Fleming, which recently agreed to end its contract with its biggest customer Kmart, is to use the proceeds from the sale, US$82m in cash, to reduce debt.
Kmart, which filed for bankruptcy protection in 2002, accounted for around $3.3bn of Fleming’s $15.5m in 2002 sales.
Fleming plans to sell another 11 Food4Less stores to Save Mart and expects two of these sales to be completed this quarter, reported Dow Jones News Service.
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