Retailer Axfood has signed an agreement to acquire Bra Storlivs' four stores with combined net sales of approximately 380m kronor (US$49.7m).

The stores in Skene, Stenungsund and Kållerud will be converted to Willys, and the store in Kinna will be converted to Hemköp.

"This transaction marks the continuation by Axfood in its work on expanding and at the same time increasing the share of wholly owned stores," said Anders Nyberg, head of business development at Axfood AB. "The stores and their employees will obtain better long-term prospects by belonging to a larger group, while Axfood's brands will give them the competitive strength needed for the future."

The stores will be taken over on 1 September 2005. The stores in Skene, Stenungsund and Kållerud have combined sales of approximately 310m kronor and will all be converted to Willys during the autumn. The store in Kinna has annual sales of approximately SEK 70m kronor and will be converted to Hemköp, also during the autumn of 2005.

The seller of the Bra Storlivs stores is Hans-Erling Andersson. The employees will be transferred to Willys and Hemköp, respectively, in connection with the takeover.