UK high street retailer Marks and Spencer has given Gristede Foods of the US two extra weeks to fund its acquisition of the Kings supermarket chain, which M&S has been attempting to sell for over a year.
Go deeper with GlobalData
Gristede’s has offered £104m (US$155.1m) to buy Kings, the upmarket east coast food chain. However, the group is evidently having trouble raising the cash.
Since M&S has been trying to sell Kings for almost a year, in line with its withdrawal from most of its non-UK operations, the group has extended the three week exclusivity period it agreed with Gristede. Analysts say the agreed sale price is disappointing.
