Troubled Dutch retailer Ahold has announced it has reached an agreement to sell Golden Gallon, its US fuel and merchandise convenience store operation, to US convenience store operator The Pantry for an undisclosed sum.
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Ahold said the transaction is subject to antitrust approval and the satisfaction of other conditions and is expected to be completed in the fourth quarter of 2003.
The company said the divestment of Golden Gallon, a chain of 138 stores in the south-eastern US, is part of Ahold’s strategic plan to restructure its portfolio to focus on core food businesses.
Ahold acquired Golden Gallon in May 2000. Unaudited net sales in 2002 amounted to approximately US$375m, Ahold said.
The Pantry, headquartered in Sanford, North Carolina, operates around 1,300 stores in ten states with 2002 sales of approximately US$2.5bn.
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