US: Harris Teeter announces agreement with Lowe's Food Stores
The Lowes Foods stores that Harris Teeter will acquire include one store in Mint Hill, N.C.; one store in Fort Mill, S.C.; one store in Weddington, N.C.; three stores in Charlotte, N.C.; one store in Davidson, N.C.; one store in Cornelius, N.C.; one store in Huntersville, N.C.; and one store in Wesley Chapel, N.C.
The Harris Teeter stores that Lowes Foods will acquire include one in Asheville, N.C.; two in Gastonia, N.C.; one in Hickory, N.C.; one in Morganton, N.C.; and one in Shelby, N.C.
In addition to the six Harris Teeter stores, Harris Teeter has agreed to pay Lowes Foods $26.5 million. The transaction is expected to be completed in the Company's third quarter of fiscal 2012, which ends July 1, 2012.
Thomas W. Dickson, Chairman of the Board, and Chief Executive Officer commented that, "This transaction aligns with our strategic plans to replace rural store locations with more urban locations with higher density of our target demographic groups. It provides us with the opportunity to explore in selected locations an innovative format that we think our customers will find exciting."
Source: www.marketwatch.com
