UK high street retailer Marks & Spencer has completed the sale of its US subsidiary Kings Super Markets to D’Agostino Supermarkets for US$160m in cash.
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M&S was in negotiations to sell the 29 outlet strong Kings chain to New York-based grocer Gristede’s Foods, but any deal was abandoned last week after it was unable to secure financing.
The D’Agostino deal is another move in M&S’ strategic plan to divest its non-core operations and focus on its food and clothing operations in the UK. It is the second US sale by M&S in the past year, after the firm generated US$225m in the cash sale of menswear chain Brooks Brothers to retailer Brand Alliance last November.
