Australian supermarket firm Foodland Associated has said it has agreed to purchase five supermarkets from rival Coles Myer for an undisclosed sum.
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The stores, which are all Newmart outlets acquired by Coles Myer in 2002, are located mainly in Perth, where Foodland has its headquarters. Foodland said it would bring the stores under its Action supermarket banner.
Coles Supermarkets managing director Gerry Masters said the supermarkets were at sites that significantly overlap with existing Coles stores, reported Reuters.
Masters said the proceeds from the sale would be used to renovate stores in Western Australia.
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